22nd Apr 2025 12:46
(Alliance News) - Admiral Group PLC on Tuesday said it has agreed to sell its US motor insurance business to private investment firm JC Flowers & Co for an undisclosed fee.
The Cardiff, Wales-based general insurer said the deal includes Elephant Insurance Company and Elephant Insurance Services.
Admiral said the cash consideration represents the approximate net asset value of Elephant, before customary adjustments and transaction and related expenses.
The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2025.
Head of International Insurance Costantino Moretti said: "In Elephant, we have built a business with a great foundation, and selling the company to JC Flowers is the right decision to ensure its future success. JC Flowers and Elephant have a shared ambition for generating growth and value. This partnership will allow the business to continue to deliver the high-quality insurance products and services that US motorists need."
"This is a good outcome not only for Elephant and its employees, but also the Group and our shareholders. This transaction will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and mainland Europe."
Shares in Admiral were up 0.9% to 3,229.47 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
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