LONDON--(BUSINESS WIRE)--International law firm Dorsey & Whitney LLP represented MicroEnsure Holdings Limited in securing an equity investment of $10.4 million from existing investors Telenor Group, Omidyar Network, IFC and Opportunity International, as well as new investors Sanlam Emerging Markets and AXA Group.
The new funds will help finance MicroEnsure’s rapid continued expansion into new markets. In parallel with this investment round, the Telenor Group has taken additional equity in MicroEnsure through the conversion of debt and by rolling up its 51% holding in the MicroEnsure Asia joint venture into MicroEnsure.
London Corporate Partner Max Beazley represented MicroEnsure in this multi-faceted transaction. “I am delighted to have had the opportunity to work with MicroEnsure on this transaction which marks an important milestone for the group,” Beazley noted. “I wish MicroEnsure continued success and look forward to working with them again in future.”
MicroEnsure is a recognized leader in the provision of insurance for the mass market in Africa and Asia. As a microinsurance specialist, MicroEnsure designs, implements and manages products that address a range of risks faced by low- and middle-income consumers, including risks related to life, health, agriculture, assets, accidents and political violence. MicroEnsure is headquartered in the United Kingdom, with a regional base in Nairobi, and country operations across Africa and Asia and works with mobile network operators, banks, microfinance institutions and other aggregators to serve its mass-market clients. Following an 88% increase in the number of clients served in the past five months, MicroEnsure now covers more than 7.6-million people across Africa and Asia.
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