Last checked at 31 Mar 2015 16:35
31 March 2015 Release 2015-●
DISPOSAL OF INVESTMENT IN BOX INNOVATION GROUP LIMITED COMPLETED
HAMILTON, Bermuda - Catlin Group Limited ('CGL'; London Stock Exchange), the international specialty property/casualty insurer and reinsurer, announces that its subsidiary, Catlin Insurance Company Ltd. ('CICL'), has completed the sale of its investment in Box Innovation Group Limited ('BIGL', trading as 'insurethebox') to Aioi Nissay Dowa Insurance Company of Europe Limited ('Aioi').
Under the sale agreement announced on 22 December 2014, Aioi has acquired shares from CICL as well as other shareholders, and as a result of the transaction Aioi now owns 75.01% of BIGL.
CICL has received cash proceeds of approximately £85 million from the sale. Following the completion of the sale, the Catlin Board of Directors has declared a special dividend of 11.7pence per share, payable on 24 April 2015 to shareholders of record at close of business on 10 April 2015.
CICL first invested in BIGL when insurethebox was launched in 2010 and supported BIGL in successfully developing its platform since that time.
Catlin was advised on the transaction by J.P. Morgan Cazenove.
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For more information contact:
Media Relations: | ||
James Burcke, Head of Corporate Affairs, London | Tel: Mobile:E-mail: | +44 (0)20 7458 5710+44 (0)7958 767 738james.burcke@catlin.com |
Dan Yea, Maitland | Tel: E-mail: | +44 (0)20 7379 5151 dyea@maitland.co.uk |
Investor Relations: | ||
William Spurgin,Head of Investor Relations, London | Tel:Mobile: E-mail: | +44 (0)20 7458 5726 +44 (0)7710 314 365william.spurgin@catlin.com |
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Notes to editors:
1. Catlin Group Limited, headquartered in Bermuda, is an international specialist property/casualty insurer and reinsurer that underwrites worldwide through six underwriting hubs. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). More information about Catlin can be found at www.catlin.com.
2. Catlin has established operating hubs in London, Bermuda, the United States, the Asia-Pacific region, Europe and Canada. Through these hubs, Catlin works closely with policyholders and their brokers. The hubs also provide Catlin with product and geographic diversity. Altogether, Catlin operates more than 50 offices in 25 countries.
3. Catlin's underwriting units are rated 'A' by A.M. Best and Standard & Poor's.
4. Catlin is the title sponsor of the Catlin Seaview Survey, a major scientific expedition that is documenting the composition and health of oceans, particularly coral reefs, around the world. Since 2012 the Survey has documented more than 650 kilometres of reefs in 22 countries and taken more than 500,000 panoramic images of these reefs. The 2015 Survey is focusing on coral reefs in the Indian Ocean. The impartial scientific data gathered by the Catlin Seaview Survey is intended to strengthen the understanding of how changes beneath the oceans' surface are impacting the rest of our planet. More information is available at www.CatlinSeaviewSurvey.com.