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Daily Insurance Industry News
Thursday 13th of December 2018
January 20, 2010

Admiral extends Munich Re US reinsurance agreement

by Gill Montia

Story link: Admiral extends Munich Re US reinsurance agreement

Admiral extends Munich Re US reinsurance agreement

Motor insurer, Admiral, has announced that its reinsurance agreement with Munich Re for its new car insurance operation in the US (Elephant Insurance) has been extended.

Alongside the agreement, Hannover Re will take one-third of the group’s US risk and Admiral will retain the final third.

The company has also extended its long-term coinsurance and reinsurance contract with Munich Re for its UK, Spanish and Italian businesses.

Meanwhile, its existing agreement for its German business remains in place.

Admiral achieved record pre-tax profit of £105.3 million in the first half of 2009, whilst turnover rose 17% year-on-year, to £540.1 million.

Profit from the group’s UK car insurance business leapt 18% to £101.2 million and the number of group customers increased 18% to 1.92 million, up from 1.63 million a year earlier.

 

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