- It is the first insurer that leaves the United Kingdom as a result of Brexit and has a total income of about 3,000 million pounds
- The election of Spain shows the confidence of the British insurer in the Spanish market
The Ministry of Economy and Business has granted authorization to operate in Spain to the entity Admiral Europe Compañía de Seguros, S.A., belonging to the British insurance group Admiral.
Admiral requested the establishment in Spain of an entity that will be head of the European group outside the United Kingdom. Specifically, it will create an insurance entity in Madrid (Admiral Europe) and an insurance brokerage in Seville (Admiral Intermediary Services).
It is the first insurance company in the United Kingdom that moves its continental operations to Spain as a result of Brexit. The choice of Spain as head of the group is especially significant since, being the second country in market share, it shows the confidence of the British insurer in the Spanish market and in the supervisory body.
The Admiral group is one of the main car insurance operators in the United Kingdom, with a total income of about 3,000 million pounds and has a presence in the insurance markets of Italy (€ 170 million of premiums), Spain (73 € million of premiums), France (€ 66 million of premiums). It also has activity in the United States.
Until now, Admiral operated in Spain as a branch of the British parent company and sells car insurance through the Qualitas Auto brand and the Rastreator and Balumba comparators.
Admiral Europe Compañía de Seguros, S.A. It intends to start its operations in Spain as of January 1, 2019.