Insurer says it will have no material impact on group’s 2013 full-year results
Admiral Group has sold a further minority stake in its US car insurance comparison website, Comparenow.com.
But the insurer said the purchase would have no material impact on the group’s 2013 full-year results.
Effective from 18 December 2013, Admiral retains 67.8% ownership of Comparenow.com, with White Mountains Insurance Group and Mapfre USA increasing their shares to 21.1% and 11.1% respectively. Terms of the purchase have not been revealed.
Earlier in the second half of 2012 White Mountains and Mapfre USA had intially bought shares totalling 21% from Admiral.
Comparenow.com was launched in March 2013 and is one of the first car insurance comparison sites in the USA. It aims to replicate the success of the group’s other car insurance comparison businesses: Confused.com in the UK, Rastreator in Spain and LeLynx in France.