it has sold Elephant Insurance to J.C Flowers & Co
Insurance to loans group Admiral has finalised the sale of its US motor insurance business Elephant. The Virginia-based subsidiary of Cardiff headquartered Admiral – Wales’ only FTSE-100 business – has been acquired by New York-based private equity firm J.C Flowers & Co.
The deal, the value of which has not been disclosed, was announced last April subject to regulatory approval.
J.C Flowers & Co, established in 2001 and headquartered in New York, is headed by billionaire James Christopher Flowers, an ex-partner at Goldman Sachs.
Admiral launched Elephant Insurance in 2009 as part of its strategy to broaden its international reach. By the close of 2024, the division had only managed to attract 140,000 customers, positioning it as the smallest of Admiral’s four overseas operations.
However, following a significant loss of £19.6m in 2023, Elephant had a strong 2024 posting profits of £14m.
READ MORE: Housebuilder Llanmoor Homes upbeat on outlook for 2026READ MORE: Chair of Transport for Wales receives a CBE in New Year’s Honours List
Costantino Moretti, head of international insurance, Admiral Group, said: “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.
“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, J.C. Flowers said: “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 customisation 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, chief executive of Elephant Insurance said:“We are excited to be entering this next chapter of growth and grateful to 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 at this partnership with J.C. Flowers will allow us to retain these important qualities whilst benefitting from their extensive expertise.”
