Admiral's float on the London Stock Exchange will value the company at up to £776m.
Admiral launched its offer with a price of 245p-300p per ordinary share.
Merrill Lynch is acting as global co-ordinator, sole bookrunner and sponsor. Citigroup Global Markets is joint lead manager. Co-lead managers are Fox-Pitt Kelton and Lazard. Lexicon Partners is joint financial adviser to Admiral with Merrill Lynch.
Existing ordinary shares with a value of £229m (based on the mid-point of the indicative price range and prior to any over allotment option granted by existing shareholders) are to be sold, representing approximately 32% of Admiral's issued share capital.
The existing ordinary shares are being sold by Barclays Private Equity (15%), the management and employees of Admiral (12%) and XL Capital (5%).
Admiral expects to price the ordinary shares on 23 September 2004.
