Catlin sells insurethebox

UK insurer, Catlin has sold its stake in Box Innovation Group (insurethebox) to Japanese-owned motor insurance specialist, Aioi Nissay Dowa.

Under the sale agreement announced back in December 2014, Aioi has acquired a 75% share of the business with Catlin receiving £85 million from the sale.

Catlin first invested in Box Innovation Group when insurethebox was launched in 2010. The insurer supported the development of the telematics platform but in a statement, said that following detailed evaluation it had determined that the time is right to exit the investment and allow Box to find the right partner for the next phase of its development.

Aioi is believed to be the only Japanese insurer operating in the UK retail and motor insurance sector.