Admiral's 拢115m deal with pet and home insurance firm More Than

Image source, Admiral

Image caption, Admiral is moving into home and pet insurance as part of a diversification strategy
  • Author, Huw Thomas
  • Role, 大象传媒 News

Admiral has bought competitor More Than's home and pet insurance business in a deal worth as much as 拢115m.

The agreement with owners RSA Insurance will see about 300 of that firm's staff transfer to Admiral.

FTSE 100-listed Admiral was established in Cardiff in 1993 and has largely focussed on car insurance.

The move into home and pet insurance is part of a strategy to diversify its operations.

Motor insurance's profits have been hit by the rising costs of vehicle repairs and replacements.

Analysis by accounting firm EY said the motor insurance market experienced , with insurers hit by price rises for materials and labour and energy costs.

The company will pay RSA 拢82.5m up front, and up to a further 拢32.5m, depending on how many policies ultimately go to Admiral.

Admiral chief executive Milena Mondini de Focatiis said: "With this acquisition, we continue to fulfil our purpose to help more people look after their future."