31.03.2015

European arm of MS&AD confirms acquisition of holding company of ‘insurethebox’ and ‘drive like a girl’

On the 31st March 2015 Aioi Nissay Dowa Insurance Europe (“ANDIE”), part of MS&AD Insurance Group (“MS&AD”), confirms the acquisition of the majority shareholding in the Gibraltar based Box Innovation Group Limited (“BIG”). BIG is the holding company of Insure the Box Limited (“ITB”), one of the leading Telematics & User Based Solutions innovators in Europe.  

MS&AD believes in Telematics based solutions as a key part of its Automotive arm strategy
The acquisition of BIG will enable ANDIE to strengthen its Automotive business across Europe and also allow MS&AD to exploit this technology through its global platform (outside Japan)
MS&AD believes that in the long-term, Telematics will deliver a better value proposition for customers as well as save lives by promoting safer driving.

ANDIE have acquired 75.01% of the total outstanding shares (on a fully diluted basis) of BIG for 105 million pounds following approval by the relevant authorities. The remaining 24.99% will be retained by BIG’s selected existing management .

BIG organisational overview:

BIG Organization

MS&AD believes in the technical evolution in the Automotive sector, and that the future mobility trends will lead to a strong increase in demand for connected car solutions and services over the next 10 years. 

ANDIE has core competences in motor insurance, automotive related insurance products and mobility solutions.  The strong potential for future strategic growth and synergies has also helped underpin the acquisition of BIG. In Japan, MS&AD has already developed various Telematics based solutions and strongly believes in a longer term success story.

Furthermore, MS&AD’s strong strategic partnership with Toyota Motor Corporation and Toyota Financial Services also underlines the importance of this acquisition. This new technology will allow the delivery of user based Telematics solutions for key clients as well as the wider market.  

In the future, ANDIE plans to manage BIG as an integrated unit within its European operation, whilst retaining the existing leadership, technology and processes to allow maximum growth.

ANDIE will shortly take over the underwriting of the main parts of ITB’s business. In parallel BIG will be encouraged to develop solutions and underwriting partnerships across Europe. 

 

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