J.C. Flowers & Co. LLC entered into an agreement to acquire US Motor Insurance Business, including Two Companies of Admiral Group plc on April 22, 2025. The acquisition includes subsidiaries, Elephant Insurance Company and Elephant Insurance Services. A cash consideration will be paid by J.C. Flowers & Co. LLC. As part of consideration, an undisclosed value is paid towards common equity of Elephant Holding Company, LLC.

The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2025.

BofA Securities, Inc. acted as financial advisor and Sidley Austin LLP acted as legal advisor for Admiral Group plc. Keefe, Bruyette & Woods, Inc. acted as financial advisor and Andrew Jamieson and Gregory Gooding of Debevoise & Plimpton LLP acted as legal advisor for J.C. Flowers & Co. LLC.