Obtains court approval for transfer
Admiral Group has obtained court approval for the transfer of the business of Lloyd's Syndicate 2004 to Admiral Insurance Company, pursuant to Part VII of the Financial Services and Markets Act 2000.
Syndicate 2004 underwrote a share of the premiums retained by the Group from 2000 to 2002. From 2003 the Group underwrote its share of UK private motor business through Admiral Insurance Company and Admiral Insurance (Gibraltar).
Under the transfer, the remaining liabilities of Syndicate 2004 now vest in Admiral Insurance Company.
In a Stock Exchange announcement, Admiral said: "The transfer will simplify our group structure, accounting and regulatory processes and streamline our capital position. The impact of the transfer on the results of Admiral for the year ended 31 December 2007 will not be material."