Admiral will transfer its European business activity to Spain09 March 2018
This will enable it to bypass the operating restrictions for British insurance and banking companies in the EU following the Brexit
According to specialized press in Britain, Admiral Group has decided to transfer its European business activity headquarters to Spain at the culmination of the Brexit. This media cites sources from the company, said to have already requested permission of Spanish authorities to operate its insurance business for the European Union from Spain.
Admiral Group could take advantage of the infrastructure it currently has in Spain, with offices in Madrid and Seville. Furthermore, it already has an established relationship with the regulatory agency in our country, where it operates through its brands Balumba and Qualitas Auto, in addition to Rastreator, the insurance comparison website.
The plan comprises the creation of two corporate subsidiaries in Spain to serve as the base for taking out and managing all of its policies in countries of the European Union. The insurance subsidiary would be headquartered in Madrid, while contract mediation services would be based in Seville. This way, it would avoid the limitations to operations that will affect banking and insurance companies currently operating throughout the continent with a license granted by the United Kingdom regulatory agency, the validity of which will cease after the Brexit.
Admiral Group is the only of the FTSE 100 —the benchmark reference of the London Stock Exchange— with headquarters in Wales, and the first to announce the establishment of part of its international business in Spain. Since its founding in 1993, it has become the largest car insurance provider in the United Kingdom.