MS&AD takes full ownership of European insurtech firm
Aioi Nissay Dowa Insurance Europe (the ANDIE Group), a unit of Tokyo-based MS&AD Group, plans to purchase the remaining 24.99 percent of shares of Box Innovation Group (BIGL), which includes the brands insurethebox and drive like a girl.
Insurethebox launched in May 2010 with a motor insurance product based on telematics.
As part of the acquisition plan the company wants to fully integrate the business within the ANDIE Group during 2018.
Since ANDIE’s 2014 purchase of 75.01 percent of shares in BIGL the business has grown to an annualised gross written premium of around £130 million. The insurethebox expertise has also been deployed around the MS&AD Group.
As a part of the purchase of the remaining shares and integration within the ANDIE Group, insurethebox founder Mike Brockman has departed the business effective December 31, 2017 and set up an independent company which will be supported by ANDIE’s holding company in Japan and will exploit business opportunities associated with next generation telematics technology.
Join us at Intelligent Automation in Insurance - London 2018. Book by Jan 31st and you could save £400.
More of today's news
Navigators in exclusive talks to sell fixed-premium P&I business
JLT Re appoints new CEO of Asia Pacific from Aon Benfield
Korean Re to create Swiss subsidiary
Insurethebox founder launches new insurtech venture
Brit hires from Arch to expand US professional lines
Markel exec replaces LMA's property panel chair
Alleghany acquires Rockhill's environmental book
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze