Admiral has reached an agreement with Luko, a digital property insurer, to acquire its French business for an estimated EUR 11 million (~USD 12 million), with the option to increase the price by an additional EUR 3 million (~USD 3.3 million) subject to the achievement of certain objectives. It is important to note that this transaction does not involve Luko's real estate assets, as well as its operations in Germany and Spain.

This follows French media outlets' highlighting of Luko's poorly managed finances, as it recently filed for a safeguard procedure while attempting to settle a EUR 45 million (~USD 49 million) debt incurred as a result of the acquisition of Coya and Unkle in 2022.

This transaction helps Admiral grow and expand its presence in France, where it already has a French business, L'olivier Assurance, which provides motor and home insurance to customers. Furthermore, it will also help improve its distribution channels and increase the variety of insurance products it offers in the country.

Luko has established a strong presence in the online home insurance market in France. As of 2022, Luko policies represented 25% of all home insurance policies sold online in the country. Furthermore, close to half of Luko's customers were influenced by recommendations from their friends and family when they made their policy purchases.