Bermuda-based Catlin Group Limited announced that its subsidiary, Catlin Insurance Company Ltd. (CICL), has entered into an agreement for the sale of its investment in Box Innovation Group Limited (BIGL), trading as “insurethebox,” to Aioi Nissay Dowa Insurance Company of Europe Limited (Aioi).
“Aioi will acquire shares from CICL as well as other shareholders, and as a result of the transaction will own 75.01 percent of BIGL,” the announcement said.
“CICL will receive cash proceeds of £85 million [$132.3 million] from the sale. Subject to relevant Board approvals, the Company expects to distribute to Catlin shareholders the portion of these proceeds that represents the surplus capital arising from its investment in BIGL. Details of any distribution will be announced following Board consideration in early January.”
The bulletin also explained that “CICL first invested in BIGL when insurethebox was launched in 2010. It supported BIGL in successfully developing its platform over the past four years, but after detailed evaluation determined the time is right to exit the investment and allow BIGL to find the right partner for the next phase of its development.”
Catlin was advised on the transaction by J.P. Morgan Cazenove. The transaction is expected to close in the first quarter of 2015.
Source: Catlin Group
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