Although financial terms were not disclosed, the sale is expected to reflect Elephant's net asset value. The move comes after Admiral's strategic review of its US operations, following several years of underperformance and limited customer growth. Founded in 2009, Elephant Insurance struggled to scale in the competitive US market, ending 2024 with a customer base of 140,000'making it the smallest of Admiral's four international ventures. Despite a '19.6m loss in 2023, the business rebounded in 2024, generating '14m in profit. Costantino Moretti, head of international insurance at Admiral, said, 'Selling the company to J.C. Flowers is the right decision to ensure its future success. This partnership will allow the business to continue delivering high-quality products to US motorists.' The transaction marks another significant investment by J.C. Flowers in the financial services sector. The firm, led by former Goldman Sachs partner J. Christopher Flowers, has previously backed...
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