Admiral gaining ground on RBSI brands
Admiral chief executive Henry Engelhardt says the motor insurer now covers more than one in ten of all cars in Britain, the FT reports.
Engelhardt's claims means the owner of aggregator Confused.com may have pulled further ahead of the likes of Aviva, Esure and Fortis in the UK motor insurance market.
Royal Bank of Scotland’s insurance businesses, including Direct Line and Churchill, had almost 30% market share in the UK in 2009. Admiral had a 7% market share last year.
“Our business is growing very rapidly. We’re taking share from our competitors,” Engelhardt told the FT.
“Ten [per cent] down, 90 to go,” he added. “I don’t see that there’s a natural ceiling, as long as we continue to get better as we get bigger.”
For more on Admiral, read our November 2010 analysis: Captain of industry.
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