Admiral Group Finalizes Sale of US Motor Division to Private Equity Firm J.C. Flowers

UK insurer Admiral Group plc has officially completed the sale of its U.S. motor insurance business, which includes Elephant Insurance Co. and Elephant Insurance Services, to the private equity firm J.C. Flowers & Co. This transaction is effective as of December 31, 2025.

The financial specifics of this cash deal, first announced in April 2025, have not been disclosed.

Elephant, headquartered in Richmond, Virginia, is a property and casualty insurer that primarily focuses on auto insurance but also offers home, renters, motorcycle, and life insurance. The company operates through an online application process and serves customers in several states, including Georgia, Illinois, Indiana, Maryland, Ohio, Tennessee, Texas, and Virginia.

Costantino Moretti, head of International Insurance at Admiral Group, commented on the sale, stating, “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 U.S. motorists need.” He expressed a bittersweet sentiment, saying, “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.”

Eric Rahe, managing director and co-president of J.C. Flowers, shared his optimism about the acquisition, stating, “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. 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.”

Alberto Schiavon, CEO of Elephant Insurance, expressed excitement about the future, saying, “We are excited to be entering this next chapter of growth and grateful for the support that Admiral has given us over the years. 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 that this partnership with J.C. Flowers will allow us to retain these important qualities while benefiting from their extensive expertise.”

In connection with this transaction, Admiral’s corporate broker, BofA Securities, is acting as the exclusive financial adviser, while Sidley Austin LLP serves as legal adviser. For J.C. Flowers, Keefe, Bruyette & Woods, a Stifel Company, is the exclusive financial adviser, with Debevoise & Plimpton LLP providing legal counsel.

Source: Admiral Group

Topics
USA

UK insurer Admiral Group plc has officially completed the sale of its U.S. motor insurance business, which includes Elephant Insurance Co. and Elephant Insurance Services, to the private equity firm J.C. Flowers & Co. This transaction is effective as of December 31, 2025.

The financial specifics of this cash deal, first announced in April 2025, have not been disclosed.

Elephant, headquartered in Richmond, Virginia, is a property and casualty insurer that primarily focuses on auto insurance but also offers home, renters, motorcycle, and life insurance. The company operates through an online application process and serves customers in several states, including Georgia, Illinois, Indiana, Maryland, Ohio, Tennessee, Texas, and Virginia.

Costantino Moretti, head of International Insurance at Admiral Group, commented on the sale, stating, “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 U.S. motorists need.” He expressed a bittersweet sentiment, saying, “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.”

Eric Rahe, managing director and co-president of J.C. Flowers, shared his optimism about the acquisition, stating, “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. 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.”

Alberto Schiavon, CEO of Elephant Insurance, expressed excitement about the future, saying, “We are excited to be entering this next chapter of growth and grateful for the support that Admiral has given us over the years. 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 that this partnership with J.C. Flowers will allow us to retain these important qualities while benefiting from their extensive expertise.”

In connection with this transaction, Admiral’s corporate broker, BofA Securities, is acting as the exclusive financial adviser, while Sidley Austin LLP serves as legal adviser. For J.C. Flowers, Keefe, Bruyette & Woods, a Stifel Company, is the exclusive financial adviser, with Debevoise & Plimpton LLP providing legal counsel.

Source: Admiral Group

Topics
USA