A subsidiary of one of Asia’s largest insurers has revealed that it will buy the remaining shares in telematics-driven Box Innovation Group Limited (BIGL), rounding off a move in 2014 in which it bought up 75.01% of the company.
Aioi Nissay Dowa Insurance Europe (the ANDIE Group), a subsidiary of Japanese insurer MS&AD Holdings, will purchase 24.99% of BIGL, a group which includes brands insurethebox and Drive Like a Girl.
Since ANDIE’s initial share purchase in BIGL three years ago, shares in the company have continued to grow, with annual GWP now at around £130 million. Insurethebox’s expertise has also been exported widely around MS&AD Group, ANDIE said in a statement.
Following the latest purchase, it is intended that BIGL will be fully integrated within the ANDIE Group during 2018.
As a part of the move, insurethebox founder Mike Brockman has departed the business, effective December 31, 2017 and set up an independent company – which will be supported by ANDIE’s holding company in Japan, and will explore business opportunities associated with next generation telematics technology, it was revealed.
Brockman said: “I am excited about this new venture which will give me the flexibility to achieve my ambitions and goals in the telematics arena by facilitating the fast development of new ideas. It is intended that ANDIE’s parent company in Japan will support the new venture financially, and so it will be a win-win for all parties.”
ANDIE’s group European CEO Michael Swanborough added: “I would like to thank Mike for his outstanding contribution to the development of telematics within the Group as well as his pioneering work within the industry.”
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