German reinsurer Munich Re has sold 7.4m shares in Admiral in a placing at 2,023p each.
Source: Sharecast
The sale will cut Munich Re’s stake in the London-listed insurer to around 1.8%.
Munich Re has committed not to sell any further shares in Admiral for a period of 12 months.
"Munich Re continues to believe in Admiral's business model and management team and the sale is not expected to have any impact on the business relationship with Admiral," it said.
At 0810 GMT, Admiral shares were down 1.3% at 2,059p.
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