Admiral Group to divest US motor insurance portfolio to J.C. Flowers [Yahoo! Finance]
ADMIRAL GRP PLC UNSP/ADR (AMIGY)
NASDAQ:AMEX Investor Relations:
admiralgroup.co.uk/node/5.html
Company Research
Source: Yahoo! Finance
Financial specifics of the deal were not shared but the cash consideration is said to approximate the net asset value of Elephant, subject to customary adjustments and transaction expenses. The sale is contingent upon regulatory approval and is due to be completed in the fourth quarter of 2025 (Q4 2025). Elephant Insurance, based in Richmond, Virginia, provides car insurance to US customers and its offerings include tools designed to assist customers in selecting protection within their financial means. Admiral Group has appointed BofA Securities as its financial advisor and Sidley Austin as legal counsel. J.C. Flowers has engaged Keefe, Bruyette & Woods, a Stifel Company, as its financial advisor and Debevoise & Plimpton as its legal counsel. Admiral Group international insurance head Costantino Moretti said: “ 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. Flow
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