Admiral sells in £508m deal

Admiral sells in £508m deal

Insurer Admiral Group is selling part of its business, including online portal, in a deal valued at £508m.

Price comparison firm RVU will buy its Penguin Portals and Preminen businesses.

Admiral was launched in 1993 selling car insurance over the phone in Cardiff with a team of just 57.

Chief Executive David Stevens said the deal was a positive outcome for customers, employees and shareholders.

“It is the right choice for the long-term success of the businesses,” he said.

Admiral has UK offices in Swansea and Newport and overseas sites in Spain, Italy, France, Canada, the US and India.

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