In September 2012, Mahindra Insurance Brokers Limited (MIBL) has entered into Definitive Agreements with Inclusion Resources Private Limited (IRPL), a subsidiary of LeapFrog Financial Inclusion Fund, incorporated in Singapore and Mahindra & Mahindra Financial Services Limited (MMFSL), its parent company to expand the Company's services to consumers in rural and semi-urban areas of India, by bringing in IRPL's international knowledge and experience, especially in using low cost technology solutions to provide insurance in mass markets. In addition, given IRPL's expertise and association in reinsurance globally, IRPL would help the Company to connect with various global reinsurers to assist in the Company's reinsurance broking business.
is the world's first and largest investor in companies that insure under-served people in Asia and Africa, and has International Finance Corporation (IFC), European Investment Bank (EIB), KfW Development Bank, Germany, FMO Development Bank of The Netherlands, etc. as its investors. LeapFrog Financial Inclusion Fund has a specialist focus on mass market insurance and invests in companies that provide insurance to the "Next Billion" emerging market consumers. LeapFrog Financial Inclusion Fund is unusual in two respects, first its focus on social impact and secondly, its focus on insurance.
Our Company has received the necessary approvals from the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board as well as the Reserve Bank of India for the aforesaid transaction.
Consequent to the above, MIBL is now a 85% subsidiary of MMFSL. IRPL has acquired a stake of 15% in MIBL.