Admiral Group (LSE:ADM) has completed the £80m acquisition of Flock, a digital commercial fleet insurance provider whose telemetry-based platform will become Admiral’s telemetry fleet proposition.
The transaction values Flock's equity at £80m and, following regulatory approval, transfers Flock's technology, people and platform into Admiral’s fleet insurance offering, with Flock CEO Ed Leon Klinger joining Admiral Pioneer’s leadership team.
Admiral said the purchase is intended to evolve and future-proof its motor proposition by broadening products and building on the group’s data, technology, distribution, pricing, claims and risk-management strengths, and that since announcing the deal it has launched a new haulage fleet product which has seen strong early demand.
"Now that Flock has officially joined Admiral, we can work even more closely together to meet the needs of new and existing fleet customers, at scale," said Emma Huntington, CEO of Admiral Pioneer.
