Itzehoer Versicherung snaps up German insurer arm

Admiral Group has sold its German insurance arm AdmiralDirekt to Itzehoer Versicherung.

The value of the gross assets disposed of is £4.4m.

Any insurance contracts generated by AdmiralDirekt and underwritten by Admiral Group in 2011 will be fully reinsured by Itzehoer.

Admiral intends to transfer the insurance contracts for 2011 and prior years to Itzehoer, subject to court and regulatory approval.

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