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Catlin sells European personalized auto insurance service for $133M

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Catlin Insurance Co. Ltd., a subsidiary of Hamilton, Bermuda-based Catlin Group Ltd. has agreed to sell its investment in Box Innovation Group Ltd. a personalized auto insurance service that trades as Insure the Box, to Aioi Nissay Dowa Insurance Co. of Europe Ltd., for £85 million ($132.8 million), Catlin said Monday.

Catlin is in the process of accepting a $3.93 billion cash-and-stock takeover offer from Dublin-based XL Group P.L.C. which was made in mid-December.

Catlin expects to distribute to its shareholders any surplus capital arising from its divestment of Gibraltar-based BIGL, subject to board approval.

Details of any distribution will be announced following board consideration in early January.

Catlin said in a statement that “after detailed evaluation (it) determined the time is right to exit the investment and allow BIGL to find the right partner for the next phase of its development.”