LeapFrog exits Ghanaian insurer Express Life to Prudential


africa-tanzania_sqEmerging markets-focused venture capital firm LeapFrog Investments has exited its majority stake in Ghanaian insurer Express Life to UK insurance group Prudential.

Express Life currently has 730,000 customers compared with the 60,000 it had when LeapFrog backed it in 2012. The company noted that most of its customers are first-time users of insurance and savings products.

LeapFrog’s lead partner in Ghana Doug Lacey said, “LeapFrog worked closely with Express management to introduce new talent, redesign the product range to enhance client value, and swiftly build the distribution force.

“We also connected the company with BIMA, a LeapFrog portfolio company that distributes insurance via mobile phones. As a result, Express now profitably distributes highly affordable products to a whole new group of first-time users.

“We are privileged to have worked with Express Life CEO Mokobi Aryee and his talented team, and are confident they will enjoy further success with Prudential.”

In September this year LeapFrog held a first close of $204m for its second fund.

Copyright © 2013 AltAssets