Browne Jacobson has advised the founders of Insure The Box, the leading telematics motor insurance provider founded by Mike Brockman, on the disposal of part of their shareholding to Aioi Nissay Dowa Insurance Japan.
The deal sees Aioi, through its European subsidiary, Aioi Nissay Dowa Insurance Company of Europe Ltd, acquire 75% of Gibraltar based Box Innovation Group Limited (BIGL), the holding company of the Insure The Box group, for £105,000,000.
Catlin, the specialist property and casualty insurer and reinsurer with 50 offices in 25 countries, is selling its entire shareholding in BIGL as part of the deal, having first invested in BIGL in 2010 to coincide with the launch of the business.
Aioi Nissay Dowa Insurance Europe (ANDIE) was established in 2010, following the merger of Aioi and Nissay Dowa. It is member of the MS&AD Insurance Group, Asia’s largest insurer, which also owns Mitsui Sumitomo, the strategic partner of Toyota Motor Corporation.
Browne Jacobson’s team comprised Kevin Jones (Birmingham), Andrew Noble (Birmingham), Christina O’Brien (Nottingham) and Vicky Gaskell (Nottingham).
Andy Haynes, Joint CEO of insurethebox, said:
“Kevin Jones and the Browne Jacobson team demonstrated throughout the transaction the skill, knowledge, technical expertise and diligence we have come to expect from them. They have made it their business to understand us and our business, to the point where we work together in a highly effective manner making these transactions easier to manage and quicker to complete.”
Corporate Finance Partner Kevin Jones added:
“This deal marks an exciting new chapter for Insure The Box, which has developed a leading position in this rapidly growing sector since its launch in 2010. With the financial and technical backing of Asia’s largest insurer, they are ideally placed to meet their long term growth potential both in the UK and overseas.”