LONDON: Admiral Group plc has agreed to sell its U.S. motor insurance business, including Elephant Insurance Company and Elephant Insurance Services, to J.C. Flowers & Co., a private investment firm specializing in the financial services sector.
The transaction, valued at approximately Elephant’s net asset value, is subject to regulatory approval and is expected to close in the fourth quarter of 2025.
Elephant Insurance, headquartered in Richmond, Virginia, offers car insurance solutions designed for affordability and ease of use. The sale aligns with Admiral Group’s strategic focus on long-term growth in the UK and mainland Europe.
“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,” said Costantino Moretti, Admiral Group’s Head of International Insurance. “This partnership will allow the business to continue to deliver high-quality insurance products and services that U.S. motorists need.”
Eric Rahe, Managing Director and Co-President of J.C. Flowers, emphasized the firm’s commitment to fostering Elephant Insurance’s growth. “We will leverage our experience to help Elephant Insurance generate new opportunities as a standalone company,” he said.
Alberto Schiavon, CEO of Elephant Insurance, expressed enthusiasm about the transition. “This partnership will enable us to benefit from [J.C. Flowers’] extensive expertise, which will play a critical role in the next phase of our growth strategy and add value for our customers,” he said.
BofA Securities is serving as Admiral Group’s financial advisor, while Sidley Austin LLP is acting as its legal advisor. Keefe, Bruyette & Woods, a Stifel company, is advising J.C. Flowers, with legal counsel provided by Debevoise & Plimpton LLP.