The post Vanguard Assurance Becomes Ghana’s First Insurer to Adopt UN Environment’s Principles for Sustainable Insurance appeared first on Vanguard Assurance.
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We are excited to announce that Vanguard Assurance Company Limited has signed the UNEP Principles for #SustainableInsurance, the largest global collaborative framework helping the insurance industry to align business strategy with society’s goals as set out in the UN Sustainable Development goals (#SDGs) and the Climate #ParisAgreement.
The first insurance company to become signatory to sign on the UNEP Principle Of Sustainable Insurance (PSI).
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Vanguard secured the slot to be the preferred insurance partner for the Korle Bu employee transport service project being powered by Mobile Edge limited which was launched on 27th September 2022 at Korle bu. This scheme being the first of its kind in the health services space is part of a plan by the Hospital administration to provide a safe, convenient, and comfortable means of getting employee to shuttle between home and work. The project owners settled on Vanguard as the ideal insurer to drive this partnership that is set to bring value to Korle Bu Teaching Hospital. Vanguard is providing comprehensive insurance cover for over 100 buses and personal accident cover for staffs that board the bus under this arrangement. This is one of the series of various partnerships in the pipeline that would bring value.
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]]>The post 2022-Gold Award Outstanding contribution to Ghana Economic Dev’t-Ghana Premier Business and Finance Excellence Awards appeared first on Vanguard Assurance.
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Ghana Business and Financial Excellence Awards is a Scheme organised annually with the objective of honouring business and finance houses which are deemed to have made outstanding contributions to the economic development of Ghana. The various Corporate social responsibilities, building of human capital, and employment opportunities offered by Vanguard earned the company the recognition and the Gold award.
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]]>The post BlueOrchard managed InsuResilience Investment Fund invests in Vanguard Assurance Company Limited appeared first on Vanguard Assurance.
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Vanguard Assurance Company Limited, as part of its expansion strategy, has completed a deal through BlueOrchard, a leading impact investment fund manager which has resulted in InsuResilience Investment Fund (IIF), acquiring 40% shares in the company. IIF was set up on behalf of the German government by Kfw.
Vanguard was founded in 1974 as the first private indigenous insurance company in Ghana as part of a composite insurance group. The business has since spun out as a specialised General Insurer, licensed by the National Insurance Commission (NIC) of Ghana and offers a full range of General Insurance products including Motor, Property, Engineering, Personal Accident, and Micro-insurance.
Vanguard has a strong presence in the commercial, SME and retail sectors and its branch network extends across the country. The company has digital distribution capabilities allowing it to reach low-income and rural customers beyond its branch network, with the potential to reach more than 500,000 individual policyholders by 2026.
Daniel Awuah-Darko, Chairman of Vanguard Group, expressing his delight about the partnership said – “We are excited to partner with BlueOrchard to deliver on our mission of developing innovative insurance offerings for multiple segments of the market and are confident that BlueOrchard’s experience and knowledge of the financial services sector, globally, will further strengthen our business and drive significant growth”. (www.vanguardassurance.com)
The investment in Vanguard aligns with the vision and principles of IIF and the InsuResilience Global Partnership (“the Partnership”), which was launched at the 2017 UN Climate Conference COP23 by Germany. The vision of the Partnership is to strengthen the resilience of developing countries to the effects of climate change and to protect the livelihoods of poor and vulnerable people against extreme weather events and natural disasters. The Partnership’s objective is to enable more timely and reliable post-disaster response and offer insurance solutions to reduce impacts and help poor and vulnerable people recover quickly.
IIF will appoint directors to the Vanguard Board to assist the company in driving its market expansion, rolling out its micro-insurance distribution capabilities, and further enhancing governance. Through the IIF Technical Assistance Facility, it will support Vanguard in developing new products and raising market awareness for climate risk mitigation.
Richard Hardy, Investment Director for Africa at BlueOrchard said – “We are deeply aligned with Vanguard’s customer centric values and have been impressed with the team’s commitment to innovation. Digitalisation represents a significant opportunity for the industry and we are excited to be partnering with Vanguard as they continue to develop pioneering products and services for the Ghanaian market,”.
About InsuResilience Investment Fund
Luxembourg based InsuResilience Investment Fund has been set up by KfW, the German Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The overall objective of the InsuResilience Investment Fund is to contribute to the adaptation to climate change by improving access to and the use of insurance in developing countries. The specific objective of the fund is to reduce the vulnerability of low-income households and micro, small and medium enterprises (MSME) to extreme weather events. The InsuResilience Investment Fund has been set up as a public-private-partnership and combines private debt and equity investments in two separately investible sub-funds as well as technical assistance and premium support. The fund aims at both financial return and social impact. For further information, please visit: www.insuresilienceinvestment.fund
About BlueOrchard Finance Ltd
BlueOrchard
is a leading global impact investment manager and member of the Schroders Group. As a pioneering impact investor, the firm is dedicated to generating lasting positive impact for communities and the environment, while aiming at providing attractive returns to investors. BlueOrchard was founded in 2001, by initiative of the UN, as the first commercial manager of microfinance debt investments worldwide. Today, the firm offers impact investment solutions across asset classes, connecting millions of entrepreneurs in emerging and frontier markets with investors with the aim to make impact investment solutions accessible to all and to advance the conscious use of capital. Being a professional investment manager and expert in innovative blended finance mandates, BlueOrchard has a sophisticated international investor base and is a trusted partner of leading global development finance institutions. To date, BlueOrchard has invested over USD 9bn across more than 90 countries. Around 230 million poor and vulnerable people in emerging and frontier markets received access to financial and related services with the support of BlueOrchard as of December 2021. For additional information, please visit: www.blueorchard.com
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