Catlin completes Box Innovation disposal
Catlin has completed the sale of its investment in Box Innovation Group, a car insurer that fits black boxes to vehicles to set premiums.
Aioi Nissay Dowa Insurance Company of Europe acquired the shares from Catlin for £85 million, while also acquiring shares from other shareholders. It now owns 75 percent of Box.
Following the completion of the sale, the Catlin board of directors declared a special dividend of 11.7 pence per share, payable on April 24, 2015 to shareholders of record at close of business on 10 April 2015.
Mike Brockman, group chief executive and founder of Box Innovation Group, said: “I am delighted everything is now finally in place. We are already working with our new colleagues, and expect to have a lead role in the development of technology that will change the face of motor insurance and the way we view the car.”
Catlin was advised on the transaction by JP Morgan Cazenove.
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