ASSA Compañía Tenedora, S.A. (ASSA) has joined Blue Marble Microinsurance, a consortium of eight companies collaborating to improve the socio-economic environment of the underprivileged through commercially viable insurance solutions.
ASSA has become the latest re/insurer to join the Blue Marble consortium, currently consisting of American International Group; Aspen Insurance Holdings; Guy Carpenter & Company, LLC; together with Marsh & McLennan Companies; Hamilton Insurance Group; Old Mutual Emerging Markets; Transatlantic Holdings; XL Insurance (UK) Holdings; and Zurich Insurance Company.
Eduardo Fábrega, Chief Executive Officer (CEO) of ASSA, said; “Because of our market influence in the 6 Central American countries as well as our track record, risk capacity, and our team of over 1,000 employees, we have witnessed first hand the existing gap between available insurance products and the protection needs of the emerging middle class.”
“We have a strong interest in finding solutions for this segment,” he added, “and as participants in Blue Marble, we will gain access to the incubation and implementation of ventures looking to address this issue.”
ASSA joined Blue Marble through its subsidiary ASSA Capitales, S.A., signing up to the goals of the consortium to design and implement ventures that address social issues such as food security, financial inclusion and the advancement of microentrepreneurs.
It aims to develop risk protection solutions for over 2 billion people around the world facing financial protection gaps.
Joan Lamm, Tennant, CEO and Founder of Blue Marble, said: “I am delighted that ASSA has joined Blue Marble Microinsurance as our ninth consortium member.
“ASSA is a highly regarded company whose employees bring deep knowledge and experience that will strengthen our impact throughout Latin America. Eduardo and his team have an exceptional track record, and we are fortunate to work together on advancing our mission of protecting the underserved.”
Blue Marble was first announced at the annual meeting of the World Economic Forum in Davos, Switzerland in January 2015; all its member companies are committed to conducting their insurance business in a manner that mitigates the problems facing underserved populations.
Recent Blue Marble projects include its partnership with Nestle Nespresso SA to create a pilot crop insurance program for smallholder coffee farmers in Colombia, and an agreement with the Nature Conservancy to embed insurance protection into ecofriendly Silvopastoral Systems in Latin America.
