AIOI NISSAY DOWA COMPLETES DEAL FOR BOX INNOVATION GROUP

Aioi Nissay Dowa Insurance Europe, part of Japanese giant MS&AD Insurance Group, has completed the acquisition of Box Innovation Group from Catlin and other current shareholders. Box Innovation Group is the holding company of Insure the Box Ltd, and the acquirer said it would use the telematics solutions provider to expand its offering outside Japan. Aioi said it had paid £105m for a 70% stake in the company. Catlin said it had received £85m from the sale, having first invested in Box Innovation Group when insurethebox was launched in 2010. Aioi plans to manage BIG as an integrated unit with its European operation and will take over underwriting of the main parts of in surethebox’s business. The new owner will encourage BIG to develop solutions and underwriting partnerships across Europe, and the Japanese group sees the acquisition as a way to strengthen its motor insurance offering in Europe.