Disposal

RNS Number : 5132A

Catlin Group Limited

22 December 2014

 



22 December 2014                                                                                              Release 2014-23

DISPOSAL OF INVESTMENT IN BOX INNOVATION GROUP LIMITED

HAMILTON, Bermuda - Catlin Group Limited ( "Catlin" or the "Company", 'CGL'; London Stock Exchange), the international specialty property/casualty insurer and reinsurer, announces that its subsidiary, Catlin Insurance Company Ltd. ("CICL"), has entered into an agreement for the sale of its investment in Box Innovation Group Limited ("BIGL", trading as "insurethebox"), to Aioi Nissay Dowa Insurance Company of Europe Limited ("Aioi").

Aioi will acquire shares from CICL as well as other shareholders and as a result of the transaction will own 75.01% of BIGL.

CICL will receive cash proceeds of £85 million from the sale. Subject to relevant Board approvals, the Company expects to distribute to Catlin shareholders the portion of these proceeds that represents the surplus capital arising from its investment in BIGL. Details of any distribution will be announced following Board consideration in early January.

CICL first invested in BIGL when insurethebox was launched in 2010. 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.

Catlin was advised on the transaction by J.P. Morgan Cazenove. The transaction is expected to close in the first quarter of 2015.

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For more information contact:

Media Relations:
James Burcke, Head of Corporate Affairs, London	Tel: Mobile: E-mail:	[phone] [phone] [e-mail]
Liz Morley/Dan Yea, Maitland	Tel: E-mail:	[phone] [e-mail] [e-mail]
Investor Relations:
William Spurgin, Head of Investor Relations, London	Tel: Mobile: E-mail:	[phone] [phone] [e-mail]

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. During 2012 the Survey investigated the Great Barrier Reef off Australia, while during 2013 it studied coral reefs near Bermuda and in the Caribbean. The 2014 Survey is focusing on the Coral Triangle in Asia. 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.

 

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