Business

News emanating from London it that Admiral are looking to sell AdmiralDirekt, their German Car insurance business. Full report below from the Dow Jones Reporter. LONDON (Dow Jones)–U.K. car insurer Admiral Group PLC (ADM.LN) said Tuesday it is in exclusive talks to sell its loss-making AdmiralDirekt insurance business in Germany to German insurer Itzehoer Versicherung, signalling an exit after just three years in that market. Admiral said AdmiralDirekt, which was launched in October 2007, “continues its operations as normal” and that it “remains focused on continuing the profitable growth of U.K. operations and on building profitable, growing, sustainable businesses in Spain, Italy, the U.S. and France.” Admiral didn’t explain why it is selling the German business. A spokeswoman didn’t immediately answer questions. In its interim report in August, Admiral said AdmiralDirekt “experienced a very tough year in 2009″ and its management “pulled back on new business acquisition in Germany by...Read more …

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