Admiral Group has reached agreement to acquire the UK direct and pet personal lines insurance business, MoreThan, from RSA Insurance Group Ltd in a multimillion-pound deal.
Admiral says that the deal, which includes a completion sum of £82.5m plus a further £32.5m dependent on customer policies migrating to it, is in line with its strategy to diversify its offering and strengthen its home business as well as the direct pet arm which it launched in 2022.
With completion expected in the second quarter of 2024, 300 RSA employees will transfer to Admiral which will have the renewal rights to MoreThan policies from the third quarter of 2024. Any claim liabilities relating to existing policies will remain with RSA.
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