Microinsurance consortium adds ninth member

ASSA Compañía Tenedora is the ninth member joining Blue Marble, a consortium of insurers and reinsurers focused on providing insurance to the 2 billion people around the world facing financial protection gaps.

ASSA is the insurance arm of Grupo ASSA, a Panama-based financial services group with a Central American footprint, assets of $3 billion and equity of $1.1 billion.

Members of the consortium include AIG, Aspen Insurance Holdings, Hamilton Insurance Group, XL Insurance, and Zurich Insurance Company. Brokers Guy Carpenter & Company and Marsh & McLennan Companies are also members as well as Old Mutual Emerging Markets Limited and Transatlantic Holdings.

Blue Marble was announced at the annual meeting of the World Economic Forum in Davos, Switzerland in January 2015. It aims to develop risk protection solutions for the broad segment of over 2 billion people around the world facing financial protection gaps.

“We have witnessed first-hand the existing gap between available insurance products and the protection needs of the emerging middle class,” said Eduardo Fábrega, CEO of ASSA.

“We have a strong interest in finding solutions for this segment, and as participants in Blue Marble, we will gain access to the incubation and implementation of ventures looking to address this issue,” Fábrega added.