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.
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."