LONDON & SYDNEY--(BUSINESS WIRE)--LeapFrog Investments, the leading impact investment fund focused on insurance and financial services companies, announced two senior hires as it expands its investment portfolio in Asia and Africa. David Steel was named Director of Investments for East Asia; he was previously Managing Director of Strategic Planning for American International Group. Niclas Thelander was appointed Executive Director of LeapFrog Labs, the group’s innovation and advisory services hub; he was previously Head of Corporate Strategy for Atradius. Both leaders bring multi-country insurance M&A and performance improvement expertise, adding to LeapFrog’s specialist competence in growing insurance companies across major emerging markets.
LeapFrog invests in companies that aim to serve the ‘next billion’ emerging and under-served consumers. The fund’s profit-with-purpose mission, as announced by President Bill Clinton at its launch, is to reach 25 million low-income people and generate attractive returns for its diverse investors. To date, LeapFrog has invested across 5 countries, contributed to robust operational and financial performance of its portfolio companies, and currently reaches over 8.6 million people. LeapFrog’s investors include several of the world’s leading banks, funds and reinsurers.
“These appointments underscore LeapFrog's commitment to providing distinctive strategic and technical support to portfolio companies, driving both financial returns and social impact,” said Dr. Andrew Kuper, Founder and President of LeapFrog Investments. “David and Niclas join the LeapFrog team at a pivotal moment for the financial services industry worldwide, as it prepares to meet the needs of an untapped customer base of over one billion people. Niclas and David further extend LeapFrog’s unique capacities in reaching the microinsurance market, investing in high-growth companies and supporting innovative operations.”
At AIG, David Steel spearheaded M&A, restructuring and strategy projects. He negotiated the sale or purchase of financial services businesses worth over $20 billion, working on more than 50 transactions in Eastern Europe, Latin America, the Middle East, Africa and Asia.
At Atradius, the specialist commercial insurer operating in over 40 countries, Niclas Thelander led the team responsible for strategy development, operational improvement initiatives and M&A support. Previously, he co-founded KPMG’s German strategy consulting team and was a corporate banker at SEB.
Recent examples of LeapFrog's impact investing include an investment in Shriram CCL, which aims to distribute financial protection products to 10 million low-income Indians, and an investment in Apollo, an insurance group covering Kenya, Tanzania and Uganda, with a view to growing the company into the leading regional player in the 120-million person East African market. The fund is currently seeking and evaluating further investments.
About LeapFrog Investments
LeapFrog is the world's largest dedicated investor in inclusive insurance and related financial services. The fund invests in companies serving 'the next billion,' the vast untapped market of emerging consumers in Africa and Asia. Investors in LeapFrog’s impact investment fund include global banks such as JP Morgan, Triodos, IFC, KfW, and EIB; leading funds such as Soros EDF, TIAA-CREF, Omidyar Network, FMO, and Calvert; global reinsurers SCOR, Haverford, and Flagstone Re; and development financiers including Proparco and Accion Frontier Investments Group.
About LeapFrog Labs
LeapFrog Labs is a non-for-profit sister organization to LeapFrog Investments. It provides strategic advisory services to LeapFrog and its portfolio companies – developing and implementing catalytic growth, driving innovation, and facilitating research and performance improvement initiatives.