Admiral Group acquires Flock
Admiral Group has reached an agreement to acquire Flock Limited, a digital commercial fleet insurance provider. The transaction values the equity in Flock at £80 million (~$109 million) and is subject to regulatory approval.
Founded in 2015, the London-based company raised $60 million and had ~£13 million in cash at the bank and in hand as of March 31, 2024.
Admiral Pioneer, the Group’s venture building business, partnered with Flock to expand the group’s focus on commercial motor customers in 2024.
Flock has built a digital platform that uses “proprietary AI-driven risk models” trained on “hundreds of millions of miles” of real-world driving data to reward commercial motor customers demonstrating improved safety throughout the lifetime of a policy.
Flock will become Admiral’s telemetry fleet insurance proposition, and its existing technology platform and the team will form an “important part” of Admiral’s fleet insurance offering. Flock’s CEO, Ed Leon Klinger, will join Admiral Pioneer’s leadership team.
The transaction is expected to complete in Q2 2026 and will be funded through existing resources and credit facilities.
“Thirty years ago, Admiral started life as an entrepreneurial challenger, committed to using data and technology to deliver better prices and service for customers. Having partnered with Flock since 2024, we’ve seen first-hand how successfully they’ve applied a similar approach to the commercial motor insurance market. This acquisition will give us immediate access to a high-growth segment, proven technology and a scalable platform. We are looking forward to working with Ed, Antton and the team to deliver high-quality cover and service to both new and existing fleet customers, and safer roads.” – Emma Huntington, CEO of Admiral Pioneer.
“Our mission at Flock has always been to make the world quantifiably safer, with a belief that insurance should help reduce accidents, not just pay for claims. Over the last decade, we pioneered a dramatically different approach to the industry, using real-time data and AI to reward safer driving habits, and reduce fleet customers’ costs. I am incredibly proud of the Flock team for what they have achieved. This acquisition by Admiral is a momentous day for us. It brings together Admiral’s scale and expertise with our talented people and technology. I am so excited about what this transaction means for our customers, our employees, and the future of the sector.” – Ed Leon Klinger, CEO of Flock.
