Admiral Group will sell its US-based subsidiary, Elephant Insurance, to J.C. Flowers & Co. as part of a strategy to focus on more profitable operations, with the deal expected to close in Q4 2025 pending approvals.

Target Information

Admiral Group has announced its decision to divest its US-based car insurance subsidiary, Elephant Insurance, to the private equity firm J.C. Flowers & Co. This transaction is projected to be finalized in the fourth quarter of 2025, contingent upon regulatory approvals. Although the specific financial terms of the deal have not been disclosed, it is anticipated that the sale will reflect the net asset value of Elephant Insurance.

Founded in 2009, Elephant Insurance has faced challenges in the highly competitive US market, ultimately concluding 2024 with a customer base of approximately 140,000, making it the smallest of Admiral’s four international ventures. The company reported a loss of £19.6 million in 2023; however, it managed to rebound in 2024, generating a profit of £14 million, an indicator of potential growth despite previous struggles.

Industry Overview

The US car insurance industry is characterized by intense competition and rapidly evolving consumer expectations. Major players in the market constantly innovate and enhance their offerings to improv