Tokio Marine HCC (TMHCC) has partnered with World Bank Group member International Finance Corporation (IFC) to increase lending by about $5bn in emerging markets.
The partnership is part of IFC’s Managed Co-Lending Portfolio Program (MCPP), which is a credit mobilisation programme designed to increase medium- and long-term lending to commercial banks and non-bank financial institutions in emerging markets.
This programme promotes partnership model between development finance institutions and global insurance markets.
It is said to offer customers with a source of longer-term loans than is generally provided by commercial banks utilising the risk-bearing capacity and know-how of insurance companies.
Commenting on the development, Tokio Marine CEO Susan Rivera said: “Tokio Marine HCC is proud to partner with IFC and participate in its MCPP, as its purpose aligns with our own values regarding corporate social responsibility and innovation within our industry.
“By contributing to the economic growth of small and medium enterprises in the world’s poorest countries, we are – in a very real way – able to leverage our expertise in underwriting specialty insurance to fight poverty.”
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Earlier this month, Tokio Marine completed the previously announced acquisition of the specialist renewable energy underwriter GCube.