Motor insurance company
Admiral Group plc is an financial services company headquartered in Cardiff, Wales. Listed on the London Stock Exchange, it is a constituent of the FTSE 100 Index and markets the Admiral, Bell, Elephant and Diamond vehicle insurance brands as well as operating the price comparison services Confused.com and Compare.com.
In 1990, a managing agent at Lloyd’s of London called Hayter Brockbank chose Henry Engelhardt, to head up a new operation and formulate its business plan. In November 1999, Engelhardt led a management buy-out of Admiral Group from the Brockbank Group backed by Barclays Private Equity. On 23 September 2004, Admiral floated on the London Stock Exchange.
In 2004 Admiral Group plc announced the pricing of its initial public offering at an offer price of 275 pence per existing ordinary share. Based on the offer price, the market capitalisation of Admiral at the commencement of dealings on the London Stock Exchange was Â£711 million.
In November 2012, Admiral were criticised by the police for increasing insurance premiums for vehicle drivers who had opted to take an educational course on speed awareness in place of receiving penalty points on their licence. Although the police did not treat these courses as convictions, Admiral Group companies had chosen to take them into consideration as their statistics showed drivers who had attended a speed awareness course were an increased risk.
On 13 May 2015, it was announced that the founder of Admiral, Henry Engelhardt, would step down as CEO, and be replaced in 2016 by David Stevens, the COO.