LAHORE: A European investment fund has entered into an agreement to acquire a significant minority stake in a Lahore-based general insurance company offering agriculture insurance to over 100,000 farmers in Pakistan.

An announcement issued on Saturday said the InsuResilience Investment Fund, set up by the German Development Bank KfW and managed by Switzerland-based Impact Investment Manager BlueOrchard Finance, will acquire 25 per cent stake in Asia Insurance Company Ltd.

According to the agreement, the fund will subscribe to a rights issue in the insurance company for acquiring equity stake in the company post-equity injection, taking the company’s total equity to approximately Rs1.04 billion (approx $9.7 million).

Asia Insurance operates in agriculture, livestock and farm implements micro-insurance with about 44pc of its gross written premium in 2016 coming from these areas.

Published in Dawn, September 24th, 2017