Catlin Completes Disposal of Investment in Box Innovation Group
Catlin Group Limited announced that its subsidiary, Catlin Insurance Company Ltd. (CICL), “has completed the sale of its investment in Box Innovation Group Limited (‘BIGL’, trading as ‘insurethebox’) to Aioi Nissay Dowa Insurance Company of Europe Limited (‘Aioi’).”
Catlin’s announcement also explained that under the sale agreement, first announced last December, “Aioi has acquired shares from CICL as well as other shareholders, and as a result of the transaction Aioi now owns 75.01 percent of BIGL.
“CICL has received cash proceeds of approximately £85 million [$126 million] from the sale. Following the completion of the sale, the Catlin Board of Directors has declared a special dividend of 11.7 pence [app. 17 U.S. cents] per share payable on 24 April 2015 to shareholders of record at close of business on 10 April 2015.
“CICL first invested in BIGL when insurethebox was launched in 2010 and supported BIGL in successfully developing its platform since that time.”
Catlin was advised on the transaction by J.P. Morgan Cazenove.
Source: Catlin Group
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