Catlin sells investment in Box Innovation

Re/insurer Catlin has sold its investment in insurer Box Innovation Group to Aioi Nissay Dowa Insurance Company of Europe for £85 million.

As a result of the transaction, Aioi will own 75.01 percent of Box Innovation.

Catlin first invested in BIGL when it was launched in 2010. The re/insurer said that it supported BIGL in successfully developing its platform over the past four years but after detailed evaluation determined the time is right to exit the investment and allow BIGL to find the right partner for the next phase of its development.