IN BRIEF: Admiral completes sale of US car insurance business

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Admiral Group PLC - Cardiff-based insurer - completes sale of its US motor insurance business to private investment firm JC Flowers & Co for an undisclosed fee. The sale was effective from Wednesday last week. First announced in April last year, the deal includes Elephant Insurance Company and Elephant Insurance Services. Admiral had said in April that the cash consideration represents the approximate net asset value of Elephant, before customary adjustments and transaction and related expenses.

‘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,’ Costantino Moretti, head of international insurance at Admiral.

Current stock price: 3,078.00 pence, down 2.2% on Monday morning in London.

12-month change: up 17%

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