The Admiral has announced plans to sell confused.com to Uswitch on a £500 million deal.
The transaction is expected to close in the first half of 2021 and is subject to approval.
Admiral Group CEO David Stevens commented on the deal: “The purchase of UK and European comparative businesses by RVU will provide positive results for customers and employees and provide good value for shareholders.
“In particular, in the comparison of insurance in most parts of Europe, the combination of Penguin strengths provides a solid foundation for the combined company to grow and thrive with RVU strengths beyond the experience of insurance and acquisition growth. I will.
“The Admiral will continue to focus on what the Admiral has consistently done well: designing and underwriting popular market financial services products of good value,” he added.
Tariq Syed, CEO of RVU, said: Focused on its strong brand heritage and insurance, Confused.com perfectly complements Uswitch’s expertise in the home services category. ”
Earlier this year, the Admiral increased his pre-tax profit for the six months of 2020 by 30% to £286.7 million.
Admiral’s CEO David Stevens said of the outcome: “Our response to that pandemic highlighted two of the Admiral’s major strengths: short-term effective execution and long-term sustainable value.”
Admiral Group’s shares are trading +3.29% at 3,019.12 (1020 GMT).
