Admiral's float on the London Stock Exchange will value the company at up to £776m.
Admiral launched its offer with a price of 245p-300p per ordinary share.
Merrill Lynch is acting as global co-ordinator, sole bookrunner and sponsor. Citigroup Global Markets is joint lead manager. Co-lead managers are Fox-Pitt Kelton and Lazard. Lexicon Partners is joint financial adviser to Admiral with Merrill Lynch.
Existing ordinary shares with a value of £229m (based on the mid-point of the indicative price range and prior to any over allotment option granted by existing shareholders) are to be sold, representing approximately 32% of Admiral's issued share capital.
The existing ordinary shares are being sold by Barclays Private Equity (15%), the management and employees of Admiral (12%) and XL Capital (5%).
Admiral expects to price the ordinary shares on 23 September 2004.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
