Admiral Group
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This article relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (November 2011) |
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| Type | Public (LSE: ADM) |
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| Industry | Insurance |
| Founded | 1993 |
| Headquarters | Cardiff, Wales, UK |
| Key people | Alastair Lyons, Chairman Henry Engelhardt, Founder/CEO |
| Revenue | £640.8 million (2010)[1] |
| Operating income | £265.5 million (2010)[1] |
| Net income | £193.6 million (2010)[1] |
| Website | www.admiralgroup.co.uk |
Admiral Group plc (LSE: ADM) is a motor insurance company with its head office in Cardiff, Wales. Listed on the London Stock Exchange, it is a constituent of the FTSE 100 Index.
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[edit] History
In 1990, a managing agent at Lloyd’s called Hayter Brockbank chose Admiral Group’s current CEO, Henry Engelhardt, to head up a new operation and formulate its business plan.[2]
Engelhardt began setting up the Company at the end of June 1991. The strategy was for Admiral to target the higher premium business, such as city-dwellers, younger drivers and motorists with performance cars - people who traditionally found it difficult to get cheaper insurance.[2]
Admiral launched on time and under budget, on 2 January 1993 from its headquarters in Cardiff.[2] Admiral was practically the only large financial services company based in the city at the time. Over the years the Admiral Insurance brand has been joined by a number of other successful brands.
In November 1999, Engelhardt led a management buy-out of Admiral Group from the Brockbank Group backed by Barclays Private Equity.[2] On 23 September 2004, Admiral floated on the London Stock Exchange. Admiral Group plc announced the pricing of its initial public offering at an Offer Price of 275 pence per existing ordinary share. Based on the Offer Price, the market capitalisation of Admiral at the commencement of dealings on the London Stock Exchange was £711 million.
Admiral has been listed in the Sunday Times Best Companies to Work For list every year since its inception. It has also been named in the Great Place to Work Institute’s list of Best Workplaces in the UK every year. It has been named Welsh Company of the year 3 times - in 1999, 2005 and 2009.[2]
[edit] Operations
[edit] UK brands
Admiral Group operates under a number of brands in the UK:
- Admiral Insurance
- Bell Insurance
- Diamond Insurance (for female drivers)
- Gladiator (for commercial vehicles)
- elephant.co.uk
- Confused.com - this was reported to be suffering from the strong competition of its rival, Comparethemarket.com, though still controlled one third of the motor insurance market in 2010.[3]
[edit] Overseas brands
It also operates under a number of brands outside the UK:
- Balumba, Rastreator and Globalty (Spain)
- Conte and Chiarezza (Italy)
- Lelynx and L'Olivier (France)
- Elephant Auto Insurance (United States)
Admiral's overseas brands in Spain, Italy and the US were reported to be loss making in 2010 and holding back overall group profits.[3]
[edit] Locations
From its headquarters in Cardiff, Admiral Group now operates from centres including:
- Wales – Swansea, Newport
- Canada – Halifax
- France – Paris
- Italy – Rome
- Italy – Milan
- India – Bangalore, Delhi (call centre operation and IT support)
- Spain – Seville, Madrid
- USA – Richmond, Virginia
[edit] References
- ^ a b c Admiral Group plc - Annual Report 2010, Admiral Group website. Retrieved 17 April 2011.
- ^ a b c d e Admiral Group: History
- ^ a b Questor share tip: Avoid Admiral – Alexander the Meerkat has left his mark, The Telegraph, 3 March 2010. Retrieved 2011-11-17.
[edit] External links
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