The acquisition of Insure The Box Ltd by the Japanese insurer ANDIE (Aioi Nissay Dowa Insurance Europe) has got the go-ahead from the regulatory authorities in the UK, Gibraltar and Japan.
London, 1 April 2015 – Under the agreement, announced in December, ANDIE is purchasing just over three quarters of the company, whilst management shareholders retain 24.99%.
Insure The Box Ltd is the UK’s biggest telematics insurer. It has sold more than 320,000 new policies since going live in June 2010 and has over 2 billion miles of black box driving data. It owns the insurethebox and drive like a girl brands, as well as administering the Tesco Bank Box telematics proposition.
Group Chief Executive and founder Mike Brockman said: “I am delighted everything is now finally in place. We are already working with our new colleagues, and expect to have a lead role in the development of technology that will change the face of motor insurance and the way we view the car.”
Aioi Nissay Dowa is part of MS&AD Insurance Group. The insurethebox and drive like a girl brands will remain unchanged.