The World Bank has bought a 20% stake in Philippines-based insurer Paramount Life & General (PLGIC). The bank's private investment arm International Finance Corp (IFC) will initially be investing $1.5m in PLGIC, which in terms of premiums earned ranks about 15th out of the 120 Philippines insurers. IFC executive Peter Woicke said that PLGIC had been chosen because it was a well-managed domestic insurer. He added that "through this investment, IFC will help Paramount expand and fortify its business operations as well as allow it to finance strategic acquisitions". PGLIC is 60%-owned by the Go family, having been founded in 1950 by patriarch Daniel Go. It has 27 branches throughout the Philippines and focuses principally on personal lines and SMEs outside the major urban centres.