Motor insurer Admiral has hailed its 275p per share flotation last week as a "fantastic" result.

Admiral chief executive Henry Engelhardt said he was pleased with the interest from the market, which priced the insurer in the middle of the 245p to 300p range set by the company on 8 September.

He said: "We saw the flotation had gone both up and down, but our advisers said there was interest in Admiral from the market.

"This doesn't change the company. We plan to grow further and move forward. It will be business as usual."

In the float, 32% of the Admiral share capital worth around £225m was offered for sale.

The float values Englehardt's 19.6% stake in the company at £140m.

Staff are expected to share in a cash bonus worth up to £40,000 each.