Japanese insurer invests £105m in Insure The Box telematics firm
Deal sees Catlin get £85m for its stake in technology-based business.
Japanese insurer MS&AD has spent £105m on buying up 75.01% of Box Innovation Group, the holding company of telematics firm Insure The Box.
The remaining 24.99% of shares have been retained by the existing management of the Gibraltar-based business.
The deal has been structured through MS&AD-owned company Aioi Nissay Dowa Insurance Japan which in turn has a European subsidiary Aioi Nissay Dowa Insurance Europe.
Catlin Group will receive £85m in cash for its stake having first invested in the
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