Microfinance Focus April 03, 2012: International Finance Corporation (IFC) a member of World Bank has made its first insurance investment in Chile. $ 10 million is provided to Aseguradora Magallanes to help in expanding the availability of insurance to those underserved small businesses in the country.

Magallanes is a leading insurance company with products like life and agribusiness insurance. IFC’s investment in the insurance sector will create a benefit for business and individuals. Insurance products take care of the risks and are necessary for strong growth. Not only do these cause capital growth but will also give financial stability to business and individuals.

Fernando Varela, General Manager of Magallanes, said, “We are very pleased to be IFC’s first insurance partner. This is a huge vote of confidence for Magallanes’ current and future strategic plans, as we will be able to leverage on IFC’s global network to obtain insights, contacts, and strategic support. We believe that this is the beginning of a long-term partnership between the two institutions and we hope to have many more partnership”.

Magallanes is a Chilean insurer, owned mostly by local entrepreneurs and controlled by Nalac S. A.  The company has been providing insurance products to its Chilean clients for 56 years and serves over 500,000 clients, leveraging a network of 21 branches nationwide and with an extended network of brokers.