UK-based financial services firm Admiral Group has signed a deal to acquire online insurance company Luko for an undisclosed sum.

Founded in 2018, France-based Luko operates in the online home insurance market.

The acquisition is expected to accelerate the growth of Admiral’s operations in France, where its existing unit L’olivier Assurance offers motor and home insurance solutions.

In addition, the deal will bolster Admiral’s products portfolio and insurance distribution capabilities, Admiral noted.

Admiral is currently engaged in offering loans and insurance offerings in the UK, France, Italy, Spain and the US.

Following the acquisition, Luko will retain its brand name and continue to expand its client base and develop its product line.

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Admiral Group head of international insurance Costantino Moretti said: “We are really proud that Admiral’s story so far has been one of organic growth. However, we believe that the addition of the Luko brand and business is a good strategic fit for us.

“In line with our diversification strategy, it will allow us to grow efficiently in France and to leverage their technological expertise to deliver for even more customers.”

Luko founder and CEO Raphaël Vullierme said: “As part of the Admiral Group, we can accelerate our development and capitalise on the expertise of the Group’s French subsidiary, L’olivier Assurance.

“Volume, diversification and differentiation are key pillars in the insurance market and I look forward to working closely with colleagues around the Group to achieve our common vision.”

Luko’s real estate, as well as its businesses in Germany and Spain, are not included in this deal.