Luko, a leading online insurer, has reached an agreement to be acquired by Admiral Group (Admiral), a FTSE100-listed international financial services company, to create a leader in the online insurance market.
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The Admiral Group provides insurance and loans products to over 9 million customers in the United Kingdom, France, Italy, Spain and the United States. This transaction will accelerate the growth of the Group’s footprint in France where its existing French business, L'olivier Assurance, already offers customers motor and home insurance. It will also expand the way it distributes insurance and the number of products it offers in France.
Luko has established itself in the online home insurance market and by 2022, 25 per cent of home insurance policies sold online in France were Luko policies, with almost one in two customers purchasing a policy on the recommendation of friends and family. As part of the Admiral Group, Luko will continue to develop its offering and grow its customer base under the Luko brand which is well-known for its high-performance technology platform which both businesses will use to enhance their agility and ability to scale up more efficiently.
Both Admiral and Luko have been driven by customer satisfaction since the start. Combining the strengths and the complementary nature of their offering and culture will enable the two brands to strengthen their presence in the market and realise their shared ambition of creating a leader in online insurance providing policies to better serve customers' interests.
"As part of the Admiral Group, we can accelerate our development and capitalise on the expertise of the Group's French subsidiary, L'olivier Assurance. Volume, diversification and differentiation are key pillars in the insurance market and I look forward to working closely with colleagues around the Group to achieve our common vision." explains Raphaël Vullierme, founder and CEO of Luko.
"We’re really proud that Admiral’s story so far has been one of organic growth. However, we believe that the addition of the Luko brand and business is a good strategic fit for us. In line with our diversification strategy, it will allow us to grow efficiently in France and to leverage their technological expertise to deliver for even more customers," adds Costantino Moretti Head of International Insurance for Admiral Group.
This transaction does not include Luko’s real estate, or German or Spanish operations.
