UK insurer Admiral Group plc announced it has completed the sale of its U.S. motor insurance business – including Elephant Insurance Co. and Elephant Insurance Services – to J.C. Flowers & Co., the private equity firm, effective from December 31, 2025.
Financial details of the cash deal, which was first announced in April 2025, were not disclosed.
Headquartered in Richmond, Virginia, Elephant is a property/casualty insurer that offers mostly auto but also home, renters, motorcycle, and life insurance direct to customers through an online application process. It sells in Georgia, Illinois, Indiana, Maryland, Ohio, Tennessee, Texas, and Virginia.
“Elephant has a great foundation and selling the company to J.C. Flowers will allow the business to grow and continue to deliver the high-quality insurance products and services that US motorists need,” commented Costantino Moretti, head of International Insurance, Admiral Group, based in Cardiff, Wales.
“This partnership is a good outcome for the business but it is sad to say goodbye to colleagues, many of whom we have worked with for a long time. On behalf of Admiral, I would like to wish them all well and thank them for their contribution to the Group which will now focus on the opportunities we see for our businesses in the UK and Mainland Europe,” he added.
“Aided by J.C. Flowers’ deep understanding of the insurance industry, we believe Elephant Insurance is well positioned to further expand in the U.S.,” according to Eric Rahe, managing director and co-president of New York City-based J.C. Flowers. “Consumers are looking for customization and coverage options, and with Elephant Insurance they have the ability to create auto coverage that best meets their personal situation. We look forward to working with the Elephant team on this next stage of development.”
“We are excited to be entering this next chapter of growth and grateful to the support that Admiral has given us over the years,” said Alberto Schiavon, CEO of Elephant Insurance said. “Having been a part of Admiral, we have a relentless focus on the customer, doing the right thing and a unique culture. We’re pleased at this partnership with J.C. Flowers will allow us to retain these important qualities whilst benefitting from their extensive expertise.”
Admiral’s corporate broker, BofA Securities, is acting as exclusive financial adviser and Sidley Austin LLP as legal adviser to Admiral Group in connection with this transaction. Keefe, Bruyette & Woods, A Stifel Company, is acting as exclusive financial adviser and Debevoise & Plimpton LLP as legal adviser to J.C. Flowers in connection with this transaction.
Source: Admiral Group
Topics USA
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