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March 28, 2012, Washington, D.C.
—IFC, a member of the World Bank Group, has made its first insurance investment in Chile, providing $10 million to Aseguradora Magallanes to help expand the availability of insurance to underserved small businesses in the country.
IFC’s equity investment will enable Magallanes, a leading insurance company, to make to make general insurance products—such as life and agribusiness insurance—more widely available in Chile. It is also expected to act as a catalyst for more investors to come enter the market, both in Chile and in the rest of the Southern Cone region.
”We are very pleased to be IFC’s first insurance partner in the Southern Cone,” said Fernando Varela, General Manager of Magallanes said, “This is a huge vote of confidence for Magallanes’ current and future strategic plans, as we will be able to leverage on IFC’s global network to obtain insights, contacts, and strategic support. We believe that this is the beginning of a long-term partnership between the two institutions and the first project of many more to come”.
Pablo Verra, IFC’s leader for Financial Markets in the Southern Cone, said: “IFC will work with Magallanes to develop and expand their insurance operations and export their insurance knowledge in areas they have pioneered, such as agribusiness, to other markets in the region, leveraging IFC’s extended presence and expertise.”
IFC invests in the insurance sector because businesses and individuals alike benefit from the increased availability of insurance products. Such products allow businesses to take on the risks necessary for stronger growth, contribute to the deepening of capital markets, and increase the financial stability of individuals and families by protecting them from unexpected adversity. In Chile, IFC focuses on companies that are sustainable, can create jobs, and help modernize the sector. Such investments and development can serve as a role model for the region.
Magallanes is a Chilean insurer, owned mostly by local entrepreneurs and controlled by Nalac S.A. The company has been providing top-class insurance products to its Chilean clients for 56 years and serves over 500,000 clients, leveraging a network of 21 branches nationwide and an extended network of brokers.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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