A consortium led by Triple P Capital and backed by World Bank Group member International Finance Corporation (IFC) has announced that it has completely acquired an 85% stake in non-life insurance company MAA General Assurance Philippines Inc (MAAGAP).

The consortium, which also includes German development finance institution DEG, Belgian Investment Company for Developing Countries SA (BIO), and OP Finnfund Global Impact Fund I, acquired the company from MAA Group Berhad.

Financial details of the acquisition were not disclosed.

MAAGAP provides non-life insurance products to corporate and retail customers in the Philippines through its network of 12 branches.

In the Philippines, the non-life insurance penetration rate stands at a meagre 0.6% of the gross domestic product (GDP) as of 2022.

Following the completion of this acquisition, the investor group will collaborate closely with MAAGAP’s management team to strengthen the company’s presence in the Philippines, per the announcement.

The consortium will help the insurer implement global best practices in corporate governance, environmental and social responsibility, risk management, and compliance.

“Together, we aim to elevate our standards, expand our reach, and contribute to the resilience of the Filipino community,” said Martin L. Dela Rosa, President & CEO of MAAGAP.

IFC country manager for the Philippines, Jean-Marc Arbogast, said a robust insurance market is critical to strengthening the Philippines’ resilience.

“Access to affordable insurance services allows small businesses and the poorest to bounce back financially and rebuild their lives after an unexpected loss, fostering resilient and inclusive growth,” said Jean-Marc Arbogast, IFC Country Manager for the Philippines.

Triple P Capital, the consortium leader, focuses on high-growth businesses that reach emerging consumers in Southeast Asia, including Indonesia, the Philippines, Vietnam, Cambodia, and Thailand.

Its founding partner, David Steel, noted MAAGAP’s prudent management, strong reputation, and solid distribution position in the Philippines.

“Together, we aim to provide quality insurance products, extend coverage to more Filipinos and Filipino businesses, and build resilience against accidents, climate change, and other disasters,” he said.

In April, the IFC proposed to invest up to $7 million in First Circle, a Philippines-based fintech startup backed by Insignia Ventures Partners and others.