Source: Sharecast
Admiral Pioneer, the company’s venture building business, initially partnered with Flock to expand the group’s focus on commercial motor customers in 2024.
Admiral said the deal aligns with its commitment "to continuously evolve and futureproof its motor proposition and broaden its product offering, building on its existing strengths in data and technology, distribution, pricing and claims, customer service and risk management".
Flock has built a digital platform that uses proprietary AI-driven risk models trained on hundreds of millions of miles of real-world driving data to reward commercial motor customers demonstrating improved safety throughout the lifetime of a policy.
Flock will become Admiral’s telemetry fleet insurance proposition and the company’s chief executive, Ed Leon Klinger, will join Admiral Pioneer’s leadership team.
The deal is expected to complete in the second quarter and the estimated impact on Admiral’s solvency ratio at completion is less than 10 points.
Emma Huntington, CEO of Admiral Pioneer, said: "Thirty years ago, Admiral started life as an entrepreneurial challenger, committed to using data and technology to deliver better prices and service for customers. Having partnered with Flock since 2024, we’ve seen first-hand how successfully they’ve applied a similar approach to the commercial motor insurance market.
"This acquisition will give us immediate access to a high-growth segment, proven technology and a scalable platform."
At 1420 GMT, the shares were up 2.6% at 2,802p.