Admiral Group has extended its existing UK Car Insurance reinsurance partnerships with Hannover Re, Mapfre Re, New Re and Swiss Re to at least the end of 2016. There has been no material change to the cost or contractual terms of these arrangements.
The extended reinsurance arrangements are in addition to the current agreement with Munich Re (covering 40% of the UK business), which runs to at least the end of 2018.
Share of UK Car Insurance underwriting:
| 2014 | 2015 | 2016 | |
| Admiral | 25.00% | 25.00% | 25.00% |
| Munich Re | 40.00% | 40.00% | 40.00% |
| New Re | 13.25% | 12.25% | 12.25% |
| Swiss Re | 9.00% | 9.00% | 9.00% |
| Hannover Re | 8.75% | 8.75% | 8.75% |
| Mapfre Re | 4.00% | 5.00% | 5.00% |
| Total | 100.00% | 100.00% | 100.00% |
Chief Executive Officer, Henry Engelhardt, said: "We are very pleased to announce extensions to our long-standing reinsurance arrangements. These agreements show our partners' continued confidence in our business and we look forward to working with them for many years to come."
For further information, please contact:
Admiral
Louise O'Shea +44 (0) 2920 434 384
Louisa Scadden +44 (0) 2920 434 394
FTI Consulting
Paul Marriott +44 (0) 207 269 7252
Ed Berry +44 (0) 207 269 7297
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Admiral Group PLC via Globenewswire