J.C. Flowers Closes Big Buy

Admiral Group has completed the sale of its U.S. motor insurance business to J.C. Flowers & Co. The transaction includes both Elephant Insurance Company and Elephant Insurance Services.

Elephant Insurance is a direct-to-consumer auto insurer with a range of vehicle insurance products, including liability insurance, collision and comprehensive coverage, and uninsured/underinsured motorist protection. Customers can also purchase optional features such as roadside assistance, rental reimbursement, and medical payments coverage.

Elephant operates exclusively under its own brand and primarily serves individual drivers across multiple U.S. states. Its digital platform enables online quoting, policy management, and claims handling.

Richmond, Virginia-headquartered Elephant, led by CEO Alberto Schiavon, was founded in 2009 as a U.S. subsidiary of UK-based Admiral Group. The sale of the subsidiary marks Admiral’s exit from the U.S. personal auto insurance market as it refocuses operations on the UK and mainland Europe.

“We are enthusiastic about supporting Elephant Insurance in its next chapter,” said Eric Rahe, managing director and co-president. “Consumers continue to seek flexible insurance offerings, and Elephant has demonstrated an ability to serve that segment through its digital platform.”

J.C. Flowers was founded in 1998 by J. Christopher Flowers and has invested more than $18 billion of capital, including co-investment, in 66 portfolio companies in 18 countries across banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. The firm has offices in New York, London and Palm Beach.

J.C. Flowers closed its fifth private equity fund, J.C. Flowers V LP, in August 2022 with more than $1.1 billion in capital commitments. The fund’s other insurance investments include Ariel Re (November 2020), Inigo Insurance (November 2020), and Tricor Insurance (November 2021).

Admiral Group is a UK-based financial services company specializing in car insurance, with additional offerings in home insurance, travel insurance, and personal loans. Founded in 1993 and headquartered in Cardiff, Wales, the group operates across several countries, including Spain, Italy, France, and the U.S. through various brands. Admiral is known for its direct-to-consumer model and focus on digital innovation in the insurance sector.

“We believe Elephant has a strong foundation, and selling the company to J.C. Flowers will enable it to grow while continuing to deliver insurance products that meet the needs of U.S. motorists,” said Costantino Moretti, head of international insurance at Admiral Group. “While it’s difficult to part ways with our U.S. colleagues, we are confident that the business is well-positioned for future development.”

BofA Securities was the financial advisor and Sidley Austin served as legal counsel to Admiral Group. Keefe, Bruyette & Woods was the financial advisor to J.C. Flowers, and Debevoise & Plimpton provided legal counsel.