UK domiciled insurer Admiral Group plc has agreed to sell its US motor insurance business, including Elephant Insurance Company and Elephant Insurance Services, to J.C. Flowers & Co., a global private investment firm in the financial services industry.
The transaction has been agreed for an undisclosed cash consideration (before customary adjustments and transaction, and related expenses) representing approximately the net asset value of Elephant, remains subject to regulatory approval and is expected to close in Q4 2025.
Costantino Moretti, Head of International Insurance, Admiral Group, commented, “In Elephant, we have built a business with a great foundation, and selling the company to J.C. Flowers is the right decision to ensure its future success.
“J.C. Flowers and Elephant 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 and its employees, but also the Group and our shareholders. This transaction will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and Mainland Europe.”
Eric Rahe, Managing Director and Co-President, J.C. Flowers, added, “J.C. Flowers has a long, distinguished history of investing in the insurance industry, and we will leverage our experience to help Elephant Insurance generate new opportunities as a standalone company. We are excited to partner with the Elephant team as the business enters this new stage of development.”
Alberto Schiavon, Chief Executive Officer, Elephant Insurance, said, “We are very excited to be joining forces with J.C. 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.”
Admiral’s corporate broker, BofA Securities, acts as the exclusive financial advisor, and Sidley Austin LLP acts as the legal advisor to Admiral Group.
Keefe, Bruyette & Woods, A Stifel Company, was J.C. Flowers’ exclusive financial advisor, while Debevoise & Plimpton LLP served as legal advisor.
