Financial group Admiral accelerates expansion in pet insurance space
The firm acquired the business from Royal Sun Alliance (RSA) in line with its diversification strategy.
Cardiff-headquartered Admiral Group has purchased RSA’s UK direct Personal Lines operations—including its pet insurance business—for £115 million ($144.6M/€134.4M).
This acquisition follows the company’s interest in the pet insurance space, which it announced in 2022.
“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,” says Milena Mondini de Focatiis, CEO at Admiral Group.
Prior to 2022, Admiral Group offered pet coverage via a third party. The group then launched its own pet insurance, offering customers a 24/7 helpline to consult with a qualified vet.
RSA UK CEO Ken Norgrove described the deal as the “perfect fit,” adding, “This transaction aligns with our strategic ambition.”
More details
Admiral stated they will pay £82.5 million ($103.7M/€94.4M) upon completion of the deal, which is expected to be closed in the second quarter of 2024. The business could potentially pay £32.5 million ($40.8M/€37.9M) more “depending on the number of policies successfully migrated to Admiral.”
Under the deal, around 300 employees from RSA will transfer to Admiral.
RSA’s Personal Lines operations generated approximately £165 million ($207.5M/€192.9M) of gross written premiums in 2022.
Share this story:
