LeapFrog to invest millions in insurance

18/04/2011 - Kenya property & investment news Posted by Neil King
LeapFrog to invest millions in insurance

LeapFrog Investments has announced plans to invest $14 million in East African insurance group Apollo Investment.This will be the largest deal in the history of microinsurance in Africa and will allow the company to gain exposure to Kenya, Tanzania and Uganda.Dr Andrew Kuper, founder and president of the group, said that his company expects to achieve "robust returns and to reshape the market" by investing in Apollo.He added: "Some of the greatest opportunities for business growth, profitability and impact are found in Africa – whose people so often prove the critics wrong."Meanwhile, Ashok Shah, chief executive of Apollo, stated that the money will assist Apollo in becoming the "pre-eminent regional player in insurance in East Africa".It is targeting a market of 7.9 million self-employed people in the informal sector with its new funds.LeapFrog intends to invest further in Africa over the coming year but will also expand in to Asia.