Admiral Group extends reinsurance partnerships

12th Feb 2014 07:07

Admiral Group has extended its existing UK car reinsurance partnerships with Hannover Re, Mapfre Re, New Re and Swiss Re to at least the end of 2016.The motor insurance company said there has been no material change to the cost or contractual terms of these arrangements.The extended reinsurance arrangements are in addition to the current agreement with Munich Re (covering 40% of the UK business), which runs to at least the end of 2018. Chief Executive Henry Engelhardt, said: "We are very pleased to announce extensions to our long-standing reinsurance arrangements. These agreements show our partners' continued confidence in our business and we look forward to working with them for many years to come."RD