Admiral Group

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Admiral Group plc
Public limited company
Traded asLSEADM
FTSE 100 Component
IndustryInsurance
Founded1991
HeadquartersCardiff, Wales, UK
Key people
Annette Court (Chairman)
David Stevens (CEO)
Revenue£1,261.6 million (2018)[1]
£487.5 million (2018)[1]
£390.5 million (2018)[1]
Websitewww.admiralgroup.co.uk

Admiral Group plc 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.

History[edit]

In 1990, a managing agent at Lloyd's of London called Hayter Brockbank chose Henry Engelhardt, to head up a new operation and formulate its business plan.[2] In November 1999, Engelhardt led a management buy-out of Admiral Group from the Brockbank Group backed by Barclays Private Equity.[3] On 23 September 2004, Admiral floated on the London Stock Exchange.[3]

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.[4] On 13 May 2015, it was announced that the founder of Admiral, Henry Engelhardt, would step down as CEO, and be replaced in 2016 by David Stevens, the COO.[5]

Operations[edit]

Brands in the United Kingdom[edit]

Admiral Group operates under a number of brands in the United Kingdom:

Overseas brands[edit]

It also operates under a number of brands outside the United Kingdom:

  • Balumba, Qualitas Auto, WiYou and Rastreator (Spain)
  • Assicurazioni ConTe.it (Italy)
  • L'olivier assurance auto and LeLynx (France)
  • Elephant Insurance and compare.com (United States)

Elephant Insurance[edit]

Elephant Insurance is a direct to consumer property and casualty insurance company headquartered in Richmond, Virginia.[6] It offers auto, home, motorcycle, and life products to the customers in the United States.[7]

Controversy[edit]

In November 2012, Admiral were criticised by the police for increasing insurance premiums for vehicle drivers who had opted to take an educational course on speed awareness in place of receiving penalty points on their licence. Although the police did not treat these courses as convictions, Admiral Group companies had chosen to take them into consideration as their statistics showed drivers who had attended a speed awareness course were an increased risk. [8]

References[edit]

  1. ^ a b c "Preliminary Results 2018" (PDF). Admiral Group. Retrieved 8 March 2019.
  2. ^ "The Interview: Admiral boss Henry Engelhardt". FMWF. 19 October 2011. Archived from the original on 20 October 2011. Retrieved 17 March 2012.
  3. ^ a b "Admiral named 'Exit of the Year' by Acquisitions Monthly". Equistone. 19 January 2005.
  4. ^ "Admiral IPO begins successfully". Post-on-line. 23 September 2004. Retrieved 17 March 2012.
  5. ^ Treanor, Jill (14 May 2015). "Admiral insurance founder to step down after 25 years". The Guardian. Retrieved 13 May 2015.
  6. ^ "Elephant Auto Insurance Review". TheBalance.com. Retrieved 8 October 2018.
  7. ^ "Providing a Hassle-Free Insurance Experience: Elephant Insurance". TheSiliconReview.com. Retrieved 8 October 2018.
  8. ^ Emma, Forde (18 November 2012). "Car insurers start penalising speed awareness courses". BBC News. Retrieved 18 November 2012.

External links[edit]