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12/19/2017, 10:29 PM (Source: TeleTrader)
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Allianz invests $96.6 million in microinsurer

Allianz X GmbH, the digital investment unit of Allianz SE, announced on Tuesday that it is investing $96.6 million in BIMA, a startup using mobile technology to provide insurance to low-income customers in developing economies. The German company said it is BIMA’s “sole insurance shareholder and the largest strategic shareholder overall”.

“Our investment in BIMA underscores Allianz’s commitment to digitalization, supporting the growth strategy of the Group in emerging economies, as well as enabling us to serve the so-called 'next billion customers',” said Oliver Baete, CEO of Allianz SE. The statement adds that the microinsurer reaches 24 million customers in 14 markets in Africa, Asia, and Latin America.

In November, the Munich-based firm revealed plans to acquire the rest of French credit insurance company Euler Hermes, in which it already owned 60% of the shares.

Breaking the News / DJ