Catlin Completes Sale Of Investment In BIGL
Bermuda-based 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] to Aioi Nissay Dowa Insurance Company of Europe Limited [Aioi].
Under the sale agreement announced on 22 December 2014, Aioi has acquired shares from CICL as well as other shareholders, and as a result of the transaction Aioi now owns 75.01% of BIGL. CICL has received cash proceeds of approximately £85 million from the sale.
Following the completion of the sale, the Catlin Board of Directors has declared a special dividend of 11.7 pence 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.
