Admiral Group, the FTSE 100 financial services giant and one of the UK’s largest motor insurers, has agreed to sell its U.S. business, Elephant Insurance, to J.C. Flowers & Co., a private equity firm based in New York.
Founded in 2001 by billionaire J. Christopher Flowers, a former Goldman Sachs partner, J.C. Flowers specializes in global financial services investments. The firm has previously backed companies such as Co-Op Bank, OneSavings Bank, and interactive investor.
Admiral launched Elephant Insurance in 2009 as part of its international expansion efforts. However, the U.S. division has struggled to gain traction. By the end of 2024, Elephant had just 140,000 customers, making it Admiral’s smallest international operation.
After posting a £19.6 million loss in 2023, Admiral began looking at exit options. In March, it signed a memorandum of understanding with an undisclosed buyer — now revealed to be J.C. Flowers.
The deal’s financial terms have not been fully disclosed, but Admiral stated the sale was agreed at “approximately the net asset value” of Elephant. The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2025.
Costantino Moretti, Admiral’s head of international insurance, said the decision to sell Elephant was based on long-term strategy. “In Elephant, we have built a business with a great foundation, and selling the company to J.C. Flowers is the right decision to ensure its future success,” he said.
“J.C. Flowers and Elephant share a vision for growth and delivering value. This move will allow the U.S. business to continue offering high-quality insurance services to American motorists.”
Moretti added that the sale is a positive outcome for all parties involved, including employees, shareholders, and the broader Admiral Group. “It allows us to concentrate on long-term growth in the UK and mainland Europe.”
Eric Rahe, managing director and co-president at J.C. Flowers, said his firm is excited about the acquisition. “J.C. Flowers has a strong track record in the insurance sector, and we will use our experience to help Elephant Insurance grow as an independent company,” he said. “We look forward to working with the Elephant team as the business enters this new chapter.”
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