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Catlin Group to pay special dividend post sale of auto insurer stake

Reuters - UK Focus

Feb 10 (Reuters) - Bermuda-based insurer Catlin Group Ltd (LSE: CGL.L - news) , which is in the process of being bought out by Dublin-headquartered XL Group Plc (NYSE: XL - news) , said it would pay a special dividend of about 12 pence per share following the sale of its interest in telematics auto insurer Insure the Box (NYSE: BOX - news) .

The biggest syndicate in the Lloyd's of London insurance market said it would pay an annual dividend of 32.5 pence per share, up from the 31 pence in 2013.

Catlin, which sells insurance for everything from aviation to ransom, reported a 13 percent rise in pretax profit at $488 million. (Reporting by Aashika Jain in Bengaluru; Editing by Gopakumar Warrier)