REG-Admiral Group agrees to sell its U.S. motor business to JC Flowers

AdmiralAnnouncement

22/04/2025 12:15

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Admiral Group agrees to sell its U.S. motor business to JC Flowers

Admiral Group plc announces that it has entered into an agreement to sell its
U.S. motor insurance business, including Elephant Insurance Company and
Elephant Insurance Services (“Elephant”), to J.C. Flowers & Co. (“J.C.
Flowers”), a global private investment firm dedicated to investing in the
financial services industry, for an undisclosed cash consideration (before
customary adjustments and transaction and related expenses) representing
approximately the net asset value of Elephant. The transaction is subject to
regulatory approval and is expected to close in Q4 2025.

Headquartered in Richmond, Virginia, Elephant Insurance offers U.S. customers
simple and affordable car insurance
(https://www.globenewswire.com/Tracker?data=DLeKKewN14DnBdXSRNf_47ZYCSe8NM3Q8yIajOATcVgYxxDnLZpf_50AdfDztPbsT-Lfc0hN0OubDNAH5WTUUuWxiCMx02aKpXAvHKeNMiqvO1ZD7rvU_OMcnjsjlT80).
The company’s tools allow customers to find the best protection for their
needs and budget, with tools that are easy to use and understand.

Costantino Moretti, Head of International Insurance, Admiral Group said:  
“In Elephant, we have built a business with a great foundation, and selling
the company to J.C. Flowers is the right decision to ensure its future
success. J.C. 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.”

Eric Rahe, Managing Director and Co-President, J.C. Flowers said:
“J.C. Flowers has a long, distinguished history of investing in the
insurance industry, and we will leverage our experience to help Elephant
Insurance generate new opportunities as a standalone company. We are excited
to partner with the Elephant team as the business enters this new stage of
development.”

Alberto Schiavon, CEO of Elephant Insurance said: “We are very excited to be
joining forces with J.C. Flowers. This partnership will enable us to benefit
from their extensive expertise which will play a critical role for the next
phase of our growth strategy and add value for our customers, whilst
maintaining our distinctive culture.”

ENDS

Notes to Editors
Admiral’s corporate broker, BofA Securities, is acting as exclusive
financial advisor and Sidley Austin LLP as legal advisor to Admiral Group in
connection with this transaction. Keefe, Bruyette & Woods, A Stifel Company,
is acting as exclusive financial advisor and Debevoise & Plimpton LLP as legal
advisor to J.C. Flowers in connection with this transaction.

Enquiries

Media:
For Admiral:
Addy Frederick
addy.frederick@admiralgroup.co.uk
+44 (0) 7500 171 810

Analysts and investors:
Diane Michelberger 
diane.michelberger@admiralgroup.co.uk
+44 (0) 7881 305 063

For J.C. Flowers:
Jennifer Hurson
Lambert by LLYC
jhurson@lambert.com

About Admiral Group
Admiral Group plc is a leading FTSE 100 Financial Services company offering
motor, household, travel and pet insurance as well as personal lending
products. Established in 1993 in the UK, the Group now has offices in Canada,
France, Gibraltar, India, Italy, Spain, and the US.

About J.C. Flowers & Co
J.C. Flowers is a leading private investment firm dedicated to investing
globally in the financial services industry. Founded in 1998, the firm has
invested more than $18 billion of capital, including co-investment, in 67
portfolio companies in 18 countries across a range of industry subsectors
including banking, insurance and reinsurance, specialty finance, business and
insurance services, wealth management and capital markets, payments and
software. With approximately $4 billion of assets under management, J.C.
Flowers has offices in New York, London and Palm Beach. For more information,
please visit www.jcfco.com