Admiral Extends Hannover Re, Mapfre Re, New Re, Swiss Re Partnerships

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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