Admiral Extends Hannover Re, Mapfre Re, New Re, Swiss Re Partnerships
February 03 2012 - 2:49AM
Dow Jones News
Insurance company Admiral Group PLC (ADM.LN) said Friday that it
is extending its existing U.K. car insurance reinsurance
partnerships with Hannover Re, Mapfre Re, New Re and Swiss Re into
2014, adding that the cost of these arrangements to Admiral is
unchanged.
MAIN FACTS:
-The extended arrangements are in addition to the current
co-insurance agreement with Munich Re covering 40% of the U.K.
business, which runs until at least the end of 2016.
-Admiral has committed to retain at least 25% of the U.K.
underwriting for the duration of this agreement, whilst the
allocation of the balance is at Admiral's discretion.
-Shares of U.K. car insurance underwriting for 2012, 2013 and
2014 are: Admiral 25%, Munich Re 40%, New Re 13.25%, Hannover Re
8.75%, Swiss Re 7.5%, Mapfre Re 3% and XL Re 2.5%
-Shares closed Thursday at 962 pence valuing the company at
GBP2.6 billion.
-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411;
rory.gallivan@dowjones.com
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