Admiral Group, a major player in the UK insurance market, has decided to sell its U.S. insurance division, Elephant Insurance Co. and Elephant Insurance Services, to the private equity firm J.C. Flowers & Co. The details of the sale, including the price, have not been disclosed.
Elephant Insurance, based in Richmond, Virginia, specializes in property and casualty insurance, mainly focusing on auto insurance. The company also provides home, renters, motorcycle, and life insurance, all available through an online application process. It operates in several states, including Georgia, Illinois, Indiana, Maryland, Ohio, Tennessee, Texas, and Virginia.
This decision comes as Admiral Group aims to concentrate on its core operations. Costantino Moretti, who oversees international insurance for Admiral, expressed optimism about the sale, stating it benefits Elephant, its employees, and Admiral’s shareholders. He emphasized that this move allows Admiral to pursue growth opportunities in the UK and mainland Europe.
J.C. Flowers & Co. has a strong history of investing in the insurance sector. Eric Rahe, a managing director at the firm, indicated that they plan to use their expertise to help Elephant Insurance thrive as an independent company.
The sale was anticipated, as Admiral had been exploring options for Elephant since March. In the past year, Admiral Group reported a record pre-tax profit of £839.2 million ($1.08 billion), marking a significant increase of 90% from the previous year. Elephant Insurance also saw a turnaround, moving from a loss of $26.5 million to a profit of $18.5 million, thanks to improvements in their operations.
Founded in 2009 as a subsidiary of Admiral Group, Elephant Insurance was created to bring Admiral’s direct-to-consumer model to the U.S. Over the years, the company has seen several leadership changes, with Alberto Schiavon currently serving as CEO since 2017.
The transaction is still pending regulatory approval, with an expected closure in the fourth quarter of 2025. Admiral Group continues to be a prominent financial services company in the UK, offering a range of insurance products and personal lending services across several countries.