Car insurance firm goes west
5th October 2009
Car insurer Admiral has stepped up its expansion drive with the launch of its first operation in the United States.
The new business, based in Richmond, Virginia, will trade under the elephant brand and sell car insurance to US customers by telephone and internet.
It will initially trade in Virginia only as the Cardiff-based firm looks to learn about the American market and the best way to develop the business.
Chief executive Henry Engelhardt described the launch as a "further important milestone" in the company’s overseas growth plan.
Admiral currently has 100,000 customers in Spain, Germany and Italy, generating turnover of £24.5 million in the first six months of the year.
In its core UK car insurance business, profits over the same period lifted 18% to £101.2 million. Admiral’s UK brands include Diamond, Bell and elephant.co.uk.
Copyright © Press Association 2009
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