Admiral to buy Spanish digital insurance broker Acierto

30th Apr 2019 16:38

(Sharecast News) - Admiral has agreed to buy Spanish digital insurance broker Acierto in partnership with private equity investor Oakley Capital.The FTSE 100 insurer said on Tuesday that it has agreed to form a joint venture with Oakley and MAPFRE to combine Rastreator - Admiral's digital insurance broker in Spain - and Acierto.Under the terms of the transaction, a JV company will be established as holding company of both Rastreator and Acierto. Admiral and MAPFRE will collectively retain majority ownership of the JV company, while Oakley Capital will hold a minority stake alongside management.Chief executive officer David Stevens said: "We are pleased to announce this transaction and partnership with Oakley Capital, which will strengthen the group's insurance proposition in Spain as a digital insurance broker."The holding of both Rastreator and Acierto allows us to take advantage of synergies to enhance the customer experience, which will benefit customers across Spain."