Admiral operates in a commoditzed area of insurance with an exposed ancillary offering.
Admiral is a personal lines motor insurer with a few differences. The business was set up in 1993, spending its first seven years in Lloyds of London. It then went through a management buyout in 1999, teaming up with Barclay’s Private Equity. As part of this MBO, it entered into what have been successful co-insurance and re-insurance relationships. These have allowed the business to operate with what looks like a very capital light business model, and we also think these have enabled the busines...Admiral Group provides motor and household insurance. Co. has four reportable segments: U.K. Insurance, which consists of the underwriting of car insurance, van insurance, household insurance and other products that supplement these insurance policies; International Car Insurance, which consists of the underwriting of car insurance and additional products outside of the U.K., specifically covering Co.'s operations in Spain, Italy, France and the U.S.; Price Comparison, which relates Co.'s price comparison businesses, Confused.com in the U.K., Rastreator in Spain, LeLynx in France and Compare.com in the U.S.; and Other, which includes Co.'s commercial van insurance broker, Gladiator.
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