PROJECT

Projects

Summary of Proposed Investment

Project Number

30411

Company Name

Inversiones Magallanes S.A.

Date SPI Disclosed

Jun 27, 2011

Country

Chile

Industry

Financial Markets

Projected Board Date

Jul 28, 2011

Status

Completed

Sector

General Insurance (Non-Life)

Department

Global Industry, Financial Markets

Environmental Category

FI

Previous Events

Approved : Aug 1, 2011
Signed : Mar 28, 2012
Invested : Sep 28, 2012

Project Description

The proposed project consists of a combined equity investment of up to $ 10 million in newly issued common shares of Aseguradora Magallanes S.A. and Aseguradora Magallanes de Garantía y Crédito S.A. (both companies combined, “AM”). The capital increase is expected to reinforce AM’s capital base. The project will represent IFC's first insurance investment in the Southern Cone, which should act as a catalyst for more minority investors to come into the market, both in Chile and in the rest of the sub-region.

Sponsor / Cost / Location

Development Impact