Motor insurance to loans group Admiral has acquired a French online home insurance business.
The Cardiff headquartered and FTSE 100 group has strengthened its presence in the French marketplace with the acquisition Luko, which accounts for 25% of home insurance policies sold in France online. The deal, the value of which has not been disclosed, doesn’t include Luko’s real estate and German and Spanish operations.
Admiral, which employs 10,000 globally, operates in the French motor and home insurance markets through its L’olivier Assurance business.
Admiral Group’s head of international, Costantino Moretti, said: “We’re really proud that Admiral’s story so far has been one of organic growth. However, we believe that the addition of the Luko brand and business is a good strategic fit for us. In line with our diversification strategy, it will allow us to grow efficiently in France and to leverage their technological expertise to deliver for even more customers.”
Founder and chief executive of Luko, Raphael Vullierme, said: “As part of the Admiral Group, we can accelerate our development and capitalise on the expertise of the Group’s French subsidiary, L’olivier Assurance. Volume, diversification and differentiation are key pillars in the insurance market and I look forward to working closely with colleagues around the Group to achieve our common vision.”
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