Admiral Group Completes Sale of US Subsidiary Elephant Insurance to J.C. Flowers & Co

Cardiff-headquartered Admiral Group, Wales’ only FTSE 100 company and a valued partner member of Fintech Wales, has successfully completed the sale of its US motor insurance business, Elephant Insurance. The buyer is New York-based private equity firm J.C. Flowers & Co.

The deal, first announced in April 2025 pending regulatory approval, marks a strategic shift for Admiral as it refocuses on opportunities in the UK and mainland Europe.

Founded in 2009 as part of Admiral’s international expansion strategy, Virginia-based Elephant Insurance served around 140,000 customers by the end of 2024, making it the smallest of Admiral’s four international ventures. After recording a £19.6 million loss in 2023, Elephant rebounded to generate £14 million in profit in 2024.

Commenting on the transaction, Costantino Moretti, Head of International Insurance at Admiral Group, said:

“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. This partnership is a good outcome for the business but it is sad to say goodbye to colleagues, many of whom we have worked with for a long time. On behalf of Admiral, I would like to wish them all well and thank them for their contribution to the Group.”

Eric Rahe, Managing Director and Co-President of J.C. Flowers & Co., added:

“Aided by J.C. Flowers’ deep understanding of the insurance industry, we believe Elephant Insurance is well positioned to further expand in the U.S. Consumers are looking for customisation and coverage options, and with Elephant Insurance they have the ability to create auto coverage that best meets their personal situation.”

Alberto Schiavon, CEO of Elephant Insurance, also welcomed the new ownership:

“We are excited to be entering this next chapter of growth and grateful to the support that Admiral has given us over the years. Having been a part of Admiral, we have a relentless focus on the customer, doing the right thing and a unique culture. We’re pleased that this partnership with J.C. Flowers will allow us to retain these important qualities whilst benefitting from their extensive expertise.”

This sale underlines Admiral’s strategic focus on strengthening its core markets and operations, while offering its former subsidiary the opportunity for continued growth and innovation under new ownership.

Fintech Wales celebrates the continued evolution of our partner members and their role in shaping the global fintech and insurtech landscape from a base here in Wales.