LeapFrog Investments, a U.S.-based impact investment firm focused on insurance and related financial services, has announced a strategic partnership with Mahindra Insurance Brokers (MIBL), a wholly owned subsidiary of Indian finance group Mahindra & Mahindra Financial Services. Under the terms of the partnership, LeapFrog has invested approximately US$15 million for a 15 percent stake in MIBL. MIBL plans to use the funding to expand its insurance coverage in rural areas of India.