Clinton Bush Haiti Fund Donates Company Shares to IIC
IIC receives 6.9% of the shares of Haitian Alternative Insurance Company
Washington, D.C., February 22, 2013 — The Inter-American Investment Corporation (IIC) received a donation from the Clinton Bush Haiti Fund that is equivalent to 6.9% of the shares of Alternative Insurance Company (AIC) in Haiti, one of the Caribbean’s leading insurance companies.
Announced in May 2012, the Clinton Bush Haiti Fund’s equity investment in AIC was part of AIC's efforts to shore up its capital base in conjunction with its activities aimed at helping rebuild Haiti in the wake of that country’s devastating earthquake in January 2010. This capitalization included investments by international and local investors. The Clinton Bush Haiti Fund and Sarona/MEDA each invested US$1 million in equity alongside a US$2 million subordinated loan from the IDB.
The shares received by the IIC constitute the Clinton Bush Haiti Fund’s total equity investment in AIC. As a condition of this operation, the IIC shall use any proceeds from a sale of its investment to promote sustainable economic growth and opportunity in Haiti. “The IIC is very pleased to have been selected as the recipient of this participation,” noted Steven Reed, the IIC’s deputy general manager. “It attests to the confidence the IIC inspires in international markets and provides us with the opportunity to help bolster the insurance sector in Haiti—a nation to which we are fully committed.”
AIC, a Haitian multiline insurance company, offers traditional insurance products, including auto, commercial, life, and health insurance. The company has expanded its sphere of action to cover those at the base of the economic pyramid with micro-insurance products in collaboration with Haiti’s leading microfinance institutions. AIC plans to expand its customer base over the next five years and increase its product offerings for the lower-middle-income and low-income markets.
“We are encouraged that more Haitians are discovering insurance as an instrument of well-being,” AIC´s CEO Olivier Barrau said. “Most importantly, we are all learning that a prevention culture makes us stronger in an environment highly exposed to risk. These partnerships will help us fulfill our promise of protection to those who most need it,” said Barrau.
Alternative Insurance Company (AIC) is a Haitian multiline insurance company founded in 2001 to provide insurance products to all segments of the population. AIC offers a variety of insurance products targeted to meet the needs of all Haitians. Business lines include Auto, Commercial, Homeowners, Life, Group health, Protecta and Micro-insurance products, supported by a strong distribution network and an excellent record of governance and responsiveness to its clients.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations for a total amount of US$378.9 million. Throughout our history, we have directly or indirectly funded more than 1.6 million loans and subloans to SMEs in Latin America and the Caribbean. For more information on the IIC, visit www.iic.org.
Contact: Lisa Krochmal
Telephone: +1 (202) 623-3964