UK-based Admiral Group has agreed to acquire Spanish digital broker Acierto.com in association with insurer Mapfre and private equity firm Oakley Capital.
Admiral said it has established the joint venture (JV) with Oakley and Mapfre to club its broker Rastreator Comparador Correduría de Seguros with Asesor Seguros Online S.L. and Asesor Consumer Services (together Acierto.com).
Rastreator operates as the digital insurance broker of Admiral in Spain.
Acierto.com offers the full completion of the sales process for clients, which allows them to compare prices from more than 30 insurance providers.
Under the arrangement, Admiral and Mapfre will collectively own majority stake in the JV while Oakley Capital will hold a minority stake together with management.
Admiral Group CEO David Stevens said: “We are pleased to announce this transaction and partnership with Oakley Capital, which will strengthen the Group’s insurance proposition in Spain as a digital insurance broker.
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“The holding of both Rastreator and Acierto allows us to take advantage of synergies to enhance the customer experience, which will benefit customers across Spain.”
The deal is subject to approval from the EU Commission and the Spanish insurance regulator.