Admiral agrees to sell US motor business to private investment firm

Admiral has entered into an agreement to sell Elephant Insurance to global private investment firm JC Flowers.

Elephant Insurance is Admiral’s US motor business. It is headquartered in Richmond, Virginia, and offers customers car insurance.

It has been sold to JC Flowers for an undisclosed cash consideration that represents approximately the net asset value of the Elephant brand, which includes Elephant Insurance Company and Elephant Insurance Services.

Costantino Moretti, head of international insurance at Admiral, said the insurer had made the move as it looks to focus on delivering “long-term sustainable growth in our businesses in the UK and mainland Europe”.

Moretti added: “In Elephant Insurance, 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 Insurance 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 Insurance and its employees, but also the group and our shareholders.”

Plans for growth

The transaction is subject to regulatory approval and is expected to close in Q4 2025.

Eric Rahe, managing director and co-president at JC Flowers, said: “We will leverage our experience to help Elephant Insurance generate new opportunities as a standalone company.

“We are excited to partner with the Elephant Insurance team as the business enters this new stage of development.”

Alberto Schiavon, chief executive at Elephant Insurance, added: “We are very excited to be joining forces with JC 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.”