New owner Aioi now holds 75% stake in telematics underwriting agency
Catlin has completed the sale of its stake in telematics underwriting agency Insurethebox.
The new owner – the European division of Japanese insurer Aioi Nissay Dowa – now controls 75% of Insurethebox’s parent Box Innovation Group after buying the stakes owned by Catlin and other shareholders.
The remaining 25% is owned by Box Innovation Group’s management team.
Aioi Nissay Dowa plans to manage Box Innovation Group as an integrated unit within its European operation and retain existing management, technology and processes.
Aioi Nisay Dowa Europe will shortly take over the underwriting of the main parts of Insurethebox’s business.
The new owner will encourage Box Innovation Group to develop solutions and underwriting partnerships across Europe.
Aioi Nissay Dowa is part of Japanese insurance group MS&AD.