New backing for BlueOrchard’s climate insurance equity fund
The Luxembourg-EIB Climate Finance Platform will provide €5 million for BlueOrchard's climate insurance fund.
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The Luxembourg-EIB Climate Finance Platform (LCFP) will provide €5 million for impact investor BlueOrchard's $100 million climate insurance fund.
The LCFP seeks to catalyse private and public sector investment into high-impact companies in emerging markets involved in insuring climate change mitigation and adaptation projects, including projects addressing losses and damages caused by climate change.
The BlueOrchard-managed InsuResilience Investment Fund Private Equity II (IIF II) will contribute to increasing access to affordable insurance and expanding the provision of climate insurance by providing equity investments in fast-growing companies that provide and support climate insurance, including insurance technology providers and specialist insurance companies and brokers.
New investment backed by the BlueOrchard managed InsuResilience Investment Fund Private Equity II will help to enhancing climate resilience in Asia, Africa, and Latin America by providing coverage against unavoidable climate related losses and damages in developing countries, including extreme weather events and slow onset events. By doing so it effectively offers an effective means to reduce financial risks and ensure rapid recovery following extreme weather events.
“Our latest partnership with the EIB reflects our shared dedication to building resilience against the consequences of climate change and supporting the most vulnerable regions and households. The InsuResilience Investment Fund Private Equity II will drive high-impact equity investments to enable companies to harness technological innovation and improve access to affordable climate insurance solutions,” said Philipp Mueller, chief executive officer of BlueOrchard.
"The European Investment Bank is committed to fostering climate resilience around the world and our latest collaboration with BlueOrchard will help to address barriers holding back access to climate insurance in countries most impacted by climate change. Investing in adaptation and resilience is not only a necessity but a strategic imperative for the insurance industry in the face of climate change. The InsuResilience Investment Fund II will support equity investments in climate insurance technology, to empower insurers to better manage climate risks and better protect vulnerable communities across Asia, Africa, and Latin America from extreme weather events and climate change," said European Investment Bank vice president, Ambroise Fayolle.
The cooperation between the EIB, BlueOrchard, and the Government of Luxembourg follows the successful deployment of the predecessor strategy, the InsuResilience Investment Fund.
To date, the predecessor fund has made 9 investments across emerging markets.
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