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.”
Catlin Group Ltd.'s net income more than doubled to $273 million for the first half of 2014 from that of the same period a year earlier on higher premiums and improved combined ratio, the Hamilton, Bermuda-based specialty insurer and reinsurer said Friday.