Admiral picks FD in run-up to flotation

Car insurer Admiral has drafted in Financial Dynamics to front a City PR offensive ahead of the £600m flotation that the group announced last week.

FD managing director Alex Child-Villiers is leading the campaign and reports to Admiral chief executive Henry Engelhardt and communications manager Louisa Scadden.

They are aiming to promote Admiral to City analysts and journalists as one of the UK’s most profitable insurance companies and in particular highlight how its underwriting arrangements insulate the company from exposure to significant risk .

The majority (65 per cent) of Admiral’s insurance risk is carried by German reinsurer Munich Re under an arrangement that will last until 2008. Munich Re also owns 15 per cent of Admiral.

Swiss reinsurer Converium underwrites ten per cent, leaving Admiral’s Gibraltar-registered insurance company to underwrite 25 per cent.

Admiral’s flotation is planned for the autumn and will allow the sale of some of the 33 per cent stake held by Barclays Private Equity, the financier that backed the management buyout of Admiral in 1999. Engelhardt has an undisclosed stake in the company.

Scadden said FD had originally been engaged at the beginning of April to handle comms around the flotation and no decision had been taken on the appointment of a retained financial comms adviser.

Lexicon Partners is advising Admiral’s board on the financial aspects of the float.

Last year, the group increased profits by 29 per cent to £71.2m. Admiral’s turnover increased 13 per cent to £427m.

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