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.
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