Admiral to give up on Elephant Insurance in the US
One of Britain's biggest insurers has pulled the plug on its 16-year campaign to break into the US car insurance market, selling its branded business there to the private equity group JC Flowers.
Admiral Group said that the disposal of Elephant would enable it to focus on its core markets of the UK and Europe and was a good outcome for Virginia-based employees as well.
The cash price is thought to have been close to the £17.7 million at which Elephant was valued in Admiral's books, after being written down last year from £36.9 million.
• Is this a good time to invest in Admiral Group?
Admiral has said for some time that it was thinking of abandoning the push after Elephant posted losses of
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