Admiral Group plc has entered into an agreement to sell its U.S. motor insurance business, including Elephant Insurance Company and Elephant Insurance Services, to J.C. Flowers & Co. for an undisclosed cash consideration. Headquartered in Richmond, Virginia, Elephant Insurance offers U.S. customers simple and affordable car insurance.
Costantino Moretti, Head of International Insurance, Admiral Group said: "This transaction will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and Mainland Europe."
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