Admiral to acquire RSA's UK direct Home and Pet Insurance Personal Lines Operations
Acquisition of renewal rights, brand and transfer of people
Enhances Admiral's presence in
Represented c.£165 million of gross written premiums in 2022
The acquisition is closely aligned to Admiral's strategy to diversify its product offering and build multi-product customer relationships in its core markets. It will strengthen Admiral's home business and accelerate its direct pet proposition launched in 2022.
The transaction will see Admiral welcome c.300 new colleagues as well as the transfer of the renewal rights and the "MORE THAN" brand. Policies are expected to start renewing from Q3 2024. This acquisition does not include liabilities relating to existing policies, which will remain with RSA.
RSA's direct
The transaction is expected to complete in Q2 2024 and will be funded through existing resources and credit facilities. The estimated pro forma Group's Solvency II ratio at completion would remain well in excess of target levels.
"Increased scale in home and pet not only supports Admiral's diversification strategy, but also supports our aim to provide customers with a stronger multi-product offering, choice and convenience. We look forward to welcoming our new colleagues and the additional expertise they bring.
"Our capability and culture will ensure MORE THAN and RSA customers that join Admiral will continue to receive the high-quality cover and customer service they expect. Consistency and continuity for our new and existing customers during this migration will be our priority.
"With this acquisition, we continue to fulfil our purpose to help more people look after their future."
"This transaction aligns with our strategic ambition and I'm confident that Admiral's shared values and track record in delivering excellence for customers makes them a perfect fit for our direct
Barclays is acting as financial adviser and
Attachments
Disclaimer
Generative AI in Insurance Market to Reach $14.4 Billion, Globally, by 2032 at 34.4% CAGR: Allied Market Research
Ping An of China CSI HK Dividend ETF(3070.HK)Won Yinghua Award*
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News