PROJECT

Projects

Summary of Investment Information

Project Number

42574

Company Name

PRIMARY GROUP LIMITED

Date SPI Disclosed

Jan 7, 2020

Country

World Region

Region

Global

Projected Board Date

Feb 7, 2020

Environmental Category

FI-3 - No Impact

Status

Pending Signing

Last Updated Date

Jun 12, 2021

Department

WBG Prosperity

Industry

Financial Markets

Previous Events

Approved : Aug 25, 2020

Sector

Composite Insurance (Life and Non-life)

Project Description

The project involves an equity investment of up to US$ 35 million in a newly-formed subholding legal entity under Primary Group Limited (the “SubHoldCo”), a privately-owned investment holding company with significant expertise in the global insurtech sector. The SubHoldCo will hold two subsidiaries of international private medical insurance and five subsidiaries of digital personal lines. Primary Group has a strong track record of 20+ years in investing, growing and exiting early stage, disruptive insurance businesses operating in direct-to-consumer online, retail and wholesale broking, specialist managing general agent, and healthcare insurance. The project will fund the subsidiaries to expand into emerging markets, improve performance and liquidity and further digitalize healthcare insurance.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation