Car insurance and loans group Admiral has finalised its £80 million acquisition of digital commercial fleet insurer Flock after receiving regulatory approval. The deal, which sees London-based Flock become Admiral's telemetry fleet insurance proposition, was completed through Admiral's venture building arm, Admiral Pioneer.
Integration of Technology and Team
Flock's existing technology platform and team will form an important part of Admiral's fleet insurance offering. The Cardiff-headquartered company, which is Wales' only FTSE 100 firm and employs more than 7,000 people in South Wales, is funding the acquisition through existing resources and credit facilities.
Admiral Pioneer initially partnered with Flock in 2024 to expand its commercial motor customers. Since announcing its intention to acquire Flock, Admiral has already made its first major segment expansion by launching a new haulage fleet insurance product, which has seen strong early demand.
Leadership and Strategic Fit
Ed Leon Klinger, chief executive of Flock, has joined Admiral Pioneer's leadership team. Emma Huntington, chief executive of Admiral Pioneer, said: "Both Admiral and Flock are known for using data and technology to deliver better prices and services, and share a commitment to creating safer roads for all which resulted in a very successful partnership. 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."
Mr Klinger commented: "Our mission has always been to make the world quantifiably safer. Being part of Admiral means we can pursue that across a much bigger share of the UK motor market. Combining Flock's AI-powered platform with Admiral's scale and expertise is something we have been hugely looking forward to. I couldn't think of a better home for what we've built."
Antton Peña, founder of Flock, added: "Flock was built around customer obsession: going beyond paying claims to help fleets reduce accidents and lower costs. We reached this point only thanks to the trust of our fleet customers and the commitment of our broker partners. As part of Admiral, we will be able to support even more fleets and launch products that push what is possible in motor insurance."
Advisors
GP Bullhound acted as financial advisor and Clifford Chance as legal advisor to Admiral Group on the acquisition. Continuum acted as financial advisor and Osborne Clarke as legal advisor to Flock.
