CC, Osborne Clarke lead on FTSE 100 Admiral's £80m insurtech buy

Clifford Chance and Osborne Clarke are advising on Admiral’s £80 million all-cash acquisition of UK insurtech Flock, in a deal that brings one of the country’s top insurance startups in-house at the FTSE 100 insurer.

Founded a decade ago, Flock built its reputation applying AI-driven risk models to commercial motor fleet insurance, analysing hundreds of millions of miles of driving data to price policies dynamically and reward safer driving behaviour.

Under the deal, Flock will become Admiral’s telemetry fleet insurance offering. Its technology platform and team will form a core part of Admiral’s fleet offering.

The Admiral group insures almost six million UK motorists and is a market leader in telematics, offering discounted premiums for good driving and tech allowing customers to share vehicle data directly from their cars.

Advising

Clifford Chance is acting for Admiral, with a London deal team led by insurance group partner James Cashier and senior associate Fergus Grady.

The insurance giant is a long-standing client of the firm. Previous mandates include advising on Admiral’s buy of rival RSA’s home and pet insurance lines in 2023 and the planned acquisition of online insurer Luko - a deal that ultimately fell through.

Osborne Clarke is advising Flock’s shareholders, with corporate partner James Taylor leading a cross-practice team supported by senior associate Adam Turner and associate Jad Soubra.

For Osborne Clarke, the exit marks the culmination of a long relationship with Flock, having advised on its £2.25 million seed round led by Anthemis, its $17 million Series A led by Social Capital and its $38 million Series B led by Octopus Ventures, as well as ongoing corporate, commercial and regulatory matters.