Admiral extends underwriting agreement with Munich Re

9th Dec 2013 07:05

Insurance group Admiral has extended its underwriting arrangements with German peer Munich Re for its UK car insurance business.Munich Re underwrites 40% of the firm's UK car insurance business and the new agreement extends this from the end of 2016 until at least the end of 2018."The long-standing partnership allows Admiral to mitigate risk exposure while benefitting from profit commission," the firm said on Monday.While the cost and contractual terms remain confidential, Admiral assured that they provide a slight improvement from 2017.Admiral Chief Executive Henry Engelhardt said: "Munich Re is a fantastic partner and we are really pleased to extend further our long-term relationship for at least the next five years. This agreement is testament to their continued confidence in our business and we look forward to working with them for many more years to come." BC