Admiral to buy Spanish digital insurance broker Acierto
Admiral has agreed to buy Spanish digital insurance broker Acierto in partnership with private equity investor Oakley Capital.
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The FTSE 100 insurer said on Tuesday that it has agreed to form a joint venture with Oakley and MAPFRE to combine Rastreator - Admiral's digital insurance broker in Spain - and Acierto.
Under the terms of the transaction, a JV company will be established as holding company of both Rastreator and Acierto. Admiral and MAPFRE will collectively retain majority ownership of the JV company, while Oakley Capital will hold a minority stake alongside management.
Chief executive officer David Stevens said: "We are pleased to announce this transaction and partnership with Oakley Capital, which will strengthen the group's insurance proposition in Spain as a digital insurance broker.
"The holding of both Rastreator and Acierto allows us to take advantage of synergies to enhance the customer experience, which will benefit customers across Spain."