Embedded Insurance Announces Intent To Purchase Elephant Insurance

Embedded Insurance, Inc. (“Embedded”), announces that it has reached an agreement with the Admiral Group plc (“Admiral” or “the Group”) to acquire Elephant Insurance (Elephant) for a cash consideration representing 1.3x IFRS net asset value of Elephant as of 31 December 2023.

The transaction is subject to regulatory approval. Embedded is an insurance technology platform that enables the distribution of insurance at the point of need by partnering with distributors in real time, making the process convenient and, more importantly, trustworthy. Elephant is a digital-first, customer-centric auto insurance carrier headquartered in Richmond, VA. In 2023 they were nationally recognized on Forbes 2023 America’s Best Insurance Company list. Elephant provides auto insurance policies to consumers and is a wholly owned subsidiary of Admiral Group, plc.

Embedded provides an innovative platform that shifts traditional distribution models to a seamless customer experience at the point of need. Together with Elephant’s extensive insurance expertise and technical capabilities, the combined organization will focus on defining and accelerating Embedded Insurance strategies in a shifting insurance industry landscape.

James Hall, Embedded Founder & Executive Chair, said: “We are humbled by the Elephant management team, employees, and the business they have built.  Their knowledge and dedication to the highest quality of service to customers and each other are impressive.  We look forward to collaborating with our new colleagues as we strive to transform the embedded insurance landscape for US consumers.”

Alberto Schiavon, Elephant CEO, said: “We are very excited to be joining the Embedded Insurance team to deliver our award-winning product and service to more customers, while continuing to deliver an excellent work environment and future opportunities for our staff. We are very grateful for the support we have received from our colleagues and friends in Admiral, and we are very proud of the great business we have built.”

Costantino Moretti, Head of International Insurance, Admiral Group, said: “We have built a business with great foundations and enormous potential and this is the right strategic choice to ensure the success of Elephant in the future. Not only is this a positive outcome for Elephant, but also for Elephant employees, Admiral Group and our shareholders. The Embedded team will bring new distribution opportunities whilst they will benefit from Elephant’s extensive insurance experience and technical capabilities.

“Although this is the right decision for Elephant, I am sorry to be saying goodbye to valued colleagues. would like to thank past and present members of the herd, for their contribution to the Group and their dedication to customers.”

BofA Securities is acting as exclusive financial advisor and Sidley Austen LLP as legal advisor to Admiral Group in connection with this transaction‍

TD Securities served as Embedded Insurance, Inc.'s exclusive financial advisor on the transaction. McDermott, Will & Emery provided both regulatory and legal counsel

Embedded Insurance
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