Admiral Group has entered into a definitive agreement to sell its US motor insurance operations, comprising Elephant Insurance Company and Elephant Insurance Services, to JC Flowers, a private investment firm specialising in the financial services sector.
The transaction, for an undisclosed cash consideration (subject to customary adjustments and transaction-related expenses), represents approximately the net asset value of Elephant. Completion is subject to regulatory approvals and is expected to close in the fourth quarter of 2025.
Based in Richmond, Virginia, Elephant Insurance provides car insurance products to US customers. Under JC Flowers’ ownership, Elephant is expected to continue delivering high-quality services to US motorists, while also leveraging opportunities for sustainable, long-term growth across businesses in the UK and mainland Europe.
Admiral Group is being advised by BofA Securities as exclusive financial advisor and Sidley Austin as legal counsel. JC Flowers is being advised by Keefe, Bruyette & Woods, A Stifel Company, as exclusive financial advisor, and Debevoise & Plimptonas legal counsel.
