Admiral Group has agreed to terminate its proposed agreement to form a joint insurance venture in Spain with MAPFRE and Oakley Capital.
First announced back in April 2019, the venture was intended to combine digital brokers Rastreator Comparador Correduría de Seguros S.L. (Rastreato) with Asesor Seguros Online S.L. and Asesor Consumer Services S.L. (Acierto).
But now Admiral says that the plans will not go forward, due to challenges in completing the transaction within a reasonable timeframe, predominantly relating to antitrust complexity.
Under the terms of the original agreement, a joint venture company would have been established as a holding company of both Rastreator and Acierto.
Admiral and MAPFRE would have collectively retained majority ownership of the joint venture company, with Oakley Capital holding a minority stake alongside management.
Rastreator is Admiral’s digital insurance broker in Spain, while Acierto provides the full completion of the sales process for customers, enabling consumers to compare prices from various insurance providers.
Oakley Capital is a private equity investor with experience investing in digital brokers in Italy and Germany.