Admiral Regulatory News (ADM)

16 Dec 2005 09:47

Admiral Group PLC16 December 2005 Admiral Group plc Reinsurance Contract Admiral Insurance (Gibraltar) Ltd has agreed a quota share reinsurance contractwith Swiss Reinsurance Company, which will see Swiss Reinsurance Companyreinsure 5% of the UK private motor premium written via Admiral InsuranceServices Limited during 2006 (subject to regulatory approval by the FinancialServices Commissioner In Gibraltar). The contract is a one-year contract andreplaces the one-year contract with Cologne Reinsurance, Dublin, part of GeneralReinsurance Company. Admiral Group will thus continue to retain 25% of thepremiums written via Admiral Insurance Services Limited with 65% written byGreat Lakes Reinsurance Company (UK) Ltd, a wholly-owned subsidiary of MunichReinsurance Company, under a long-term deal, and 5% written by Axis Re Limitedunder a two-year deal, covering 2005 and 2006. The terms of the Swiss Recontract are not materially different from the terms of the expiring Gen Redeal. For further information please contact: Louisa Scadden, Investor Relations Manager on 029 20434394 This information is provided by RNS The company news service from the London Stock Exchange