Admiral, a Hyped business based on Reinsurance and Ancillary Business
The U.K. motor insurance market is one of the most dynamic insurance markets in Europe. However, this isn’t always positive. We think the evolution of this market has led to greater price transparency, lower customer retention and persistency. All this has combined to result in a price pressured market consisting of, in our opinion, businesses that are generally quite low quality and lacking economic moats. We're raising our fair value estimate slightly for no-moat Direct Line and no-moat Admira...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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