Admiral Group Agrees to Sell U.S. Motor Insurance Business to J.C. Flowers
Deal News | Apr 22, 2025 | PR Newswire Cision J.C. Flowers & Co.
Admiral Group plc, a leading UK-based financial services company, has announced the sale of its U.S. motor insurance business, which includes Elephant Insurance Company and Services, to global private equity firm J.C. Flowers & Co. The transaction, which was unveiled on April 22, 2025, involves an undisclosed cash consideration approximating the net asset value of Elephant Insurance. This move aligns with Admiral's strategic focus on sustainable growth in the UK and European markets. J.C. Flowers, recognized for its extensive investments in the insurance industry, aims to help Elephant Insurance flourish independently. The deal awaits regulatory approval and is expected to close by the fourth quarter of 2025. BofA Securities and Sidley Austin LLP are advising Admiral, while Keefe, Bruyette & Woods and Debevoise & Plimpton LLP are supporting J.C. Flowers in this transaction.
Sectors
- Financial Services
- Private Equity
- Insurance
Geography
- United States – The sale involves Admiral's U.S. motor insurance business, and Elephant Insurance is headquartered in Richmond, Virginia.
- United Kingdom – Admiral Group, the vendor, is a major UK-based financial services company.
Industry
- Financial Services – The article revolves around the financial services industry, specifically focusing on a transaction involving motor insurance companies.
- Private Equity – J.C. Flowers & Co., a private equity firm, is a key participant in the transaction, highlighting the private equity sector's role in the financial services industry.
- Insurance – The transaction specifically involves companies within the insurance industry, as Admiral sells its U.S.-based motor insurance business.
Financials
- Undisclosed – The cash consideration for the sale of Elephant Insurance represents approximately the net asset value of Elephant.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Admiral Group plc | Selling Company | Company | Admiral Group is a leading FTSE 100 Financial Services company that is selling its U.S. motor insurance business. |
| J.C. Flowers & Co. | Bidding Company/Buyer | Company | A global private equity firm specializing in financial services, which is acquiring Elephant Insurance. |
| Elephant Insurance Company and Services | Target Company | Company | Elephant is the U.S. motor insurance business being sold by Admiral Group. |
| Constantino Moretti | Head of International Insurance, Admiral Group | Person | Representative of Admiral Group commenting on the sale transaction. |
| Eric Rahe | Managing Director and Co-President, J.C. Flowers | Person | J.C. Flowers representative expressing the firm's excitement in acquiring Elephant Insurance. |
| Alberto Schiavon | CEO of Elephant Insurance | Person | CEO of the target company, optimistic about the new partnership with J.C. Flowers. |
| BofA Securities | Corporate Finance | Company | Admiral's exclusive financial advisor for the transaction. |
| Sidley Austin LLP | Legal Advisor | Company | Legal advisor for Admiral Group in the transaction. |
| Keefe, Bruyette & Woods, A Stifel Company | Corporate Finance | Company | Exclusive financial advisor to J.C. Flowers for the transaction. |
| Debevoise & Plimpton LLP | Legal Advisor | Company | Legal advisor to J.C. Flowers in the transaction. |