18 December 2014 Insurance

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.


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More on this story

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24 August 2021   The company is looking to expand its presence in the European and UK insurance market.
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3 July 2019   Unenthusiastic about retirement and unfettered from his obligations to XL, Stephen Catlin has returned to the market in dramatic fashion. Here, he tells Intelligent Insurer the real motivation behind launching his new venture Convex, what will set it apart and why his timing is perfect.

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