Catlin to sell stake in vehicle black box firm
Against the backdrop of its negotiations with XL Group, Catlin has also announced that it is in talks to sell its stake in Box Innovation Group, a car insurer that fits black boxes to vehicles to set premiums.
Catlin confirmed it is in advanced negotiations to sell the business, which trades as ITB. In the event a sale is agreed on terms which generate surplus capital, any distribution of that surplus to Catlin shareholders would be in addition to the indicative terms of any offer from XL.
Catlin added that discussions are ongoing and there can be no certainty that the discussions will lead to any transaction or any certainty as to the final terms on which any such transaction might proceed.
This announcement is being made without the agreement or approval of XL, it also stressed, and shareholders would receive a distribution of proceeds from the sale of its interest in Box Innovation Group.