The Blue Marble Microinsurance group has expanded to nine with Panama-based Assa Capitales joining the consortium of companies collaborating to extend socially impactful, commercially viable insurance protection to the underserved.

Blue Marble was announced at the World Economic Forum in Davos, Switzerland in 2015. It aims to develop risk protection solutions for the broad segment of over two billion people around the world facing financial protection gaps.

The consortium designs and implements ventures, addressing social issues, such as food security, financial inclusion and the advancement of microentrepreneurs.

Assa Capitales is a subsidiary of Assa Compañía Tenedora, the insurance arm of Panama-based financial service group Grupo Assa.

By becoming a member of Blue Marble, Assa joins eight leading global insurance and reinsurance companies, including American International Group, Aspen Insurance Holdings Limited, Hamilton Insurance Group and XL Insurance (UK) Holdings.

The companies are committed to conducting their insurance businesses in a manner that mitigates the problems underserved populations face in the countries where they operate.

Eduardo Fábrega, chief executive officer of Assa, said that “because of our market influence in the six Central American countries as well as our track record, risk capacity, and our team of over 1,000 employees, we have witnessed first-hand the existing gap between available insurance products and the protection needs of the emerging middle class”.

He added: “We have a strong interest in finding solutions for this segment. And as participants in Blue Marble, we will gain access to the incubation and implementation of ventures looking to address this issue.”

Joan Lamm-Tennant, CEO and founder of Blue Marble, said: “I am delighted that Assa has joined Blue Marble Microinsurance as our ninth consortium member. Assa is a highly regarded company whose employees bring deep knowledge and experience that will strengthen our impact throughout Latin America.

“Eduardo and his team have an exceptional track record, and we are fortunate to work together on advancing our mission of protecting the underserved.”

The other members of Blue Marble are Guy Carpenter & Company together with Marsh & McLennan Companies, Old Mutual Emerging Markets, Transatlantic Holdings, and Zurich Insurance Company.