Luko, a leading online insurer, has reached an agreement to be acquired by Admiral Group (Admiral), a FTSE100-listed international financial services company, to create a leader in the online insurance market.
Admiral provides insurance and loans products to over 9 million customers in the United Kingdom, France, Italy, Spain and the United States. This transaction will accelerate the growth of the Group’s footprint in France where its existing French business, L’olivier Assurance, already offers customers motor and home insurance. It will also expand the way it distributes insurance and the number of products it offers in France.
Clifford Chance advised Admiral with a team in Paris composed of Sue Palmer, of counsel, Katerina Drakoularakou and Clément Barnetche, associates, on the corporate aspects; Delphine Caramalli, partner, and Marie Crumière, counsel, on the restructuring aspects; Cécile Zoro, counsel, Wassilla Kameche and Anne-Sophie Laird, associates, on the employment aspects; as well as Frédérick Lacroix, partner, and Louis-Auguste Barthout, associate, on the regulatory aspects.
The London office (Ashley Prebble, partner, and Fergus Grady, senior associate) and the Frankfurt office (Moritz Petersen, partner, and Vera Burdenski, associate) also advised on the corporate aspects.
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