Admiral to sell Admiral Direkt

Admiral Group today said it is in "exclusive discussions" with Itzehoer Versicherung over the sale of its German car insurance business Admiral Direkt.

"The group remains focused on continuing the profitable growth of UK operations and on building profitable, growing, sustainable businesses in Spain, Italy, USA, and France," Admiral said in a statement.

Last month, Insurance Times reported that Admiral was reconsidering its future in Germany.