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Admiral: Announces Acquisition of French Online Home Insurer Luko

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Admiral Group PLC

Admiral ADM has announced the acquisition of Luko, a French online home insurer that captures 25% of online home insurance sales in France. While the acquisition does not have an impact on our GBP 30.70 fair value estimate for Admiral, we believe it highlights the business’ commitment to growth in its international segment. The transaction does not include Luko’s real estate, German, or Spanish operations. We maintain our narrow moat rating.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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Henry Heathfield, CFA

Equity Analyst
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Henry Heathfield, CFA, is an equity analyst for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. He covers insurance.

Before joining Morningstar in 2016, Heathfield spent five years as a European and U.K. generalist at Silchester International Investors and three years at Redmayne-Bentley Stockbrokers.

Heathfield holds a bachelor’s degree from Nottingham Trent University and a master’s degree in finance from the London Business School.

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