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Admiral Group PLC : Admiral Group PLC : Extension of Reinsurance Arrangement for UK Car Insurance

 Admiral Group PLC : Admiral Group PLC : Extension of Reinsurance Arrangement
                             for UK Car Insurance

29 April 2013

Admiral Group has extended its existing UK Car Insurance reinsurance
partnerships with Hannover Re, Mapfre Re, New Re and Swiss Re to at least the
end of 2015. There has been no material change to the cost or contractual
terms of these arrangements.

The extended arrangements are in addition to the current co-insurance
agreement with Munich Re (covering 40% of the UK business), which runs to at
least the end of 2016.

Share of UK Car Insurance underwriting:

                     2013       2014    2015
Admiral            25.00%     25.00%  25.00%
Munich Re          40.00%     40.00%  40.00%
New Re             13.25%     13.25%  12.25%
Hannover Re       8.75%      8.75%   8.75%
Swiss Re            7.50%      9.00%   9.00%
Mapfre Re           3.00%      4.00%   5.00%
XL Re               2.50%          -       -
Total           100.00%  100.00% 100.00%

Commenting on the developments, Chief Executive Officer, Henry Engelhardt,
said: "We are pleased to announce extensions of these key UK reinsurance
contracts to at least the end of 2015. Reinsurance has been at the core of
Admiral's successful business model since 2000, allowing us to manage our
downside exposure while still participating in upside through profit
commission arrangements. It significantly reduces the amount of capital the
Group is required to hold and frees up resources for distribution to
shareholders and growing the business. We look forward to continuing our
mutually beneficial relationships with our partners for many years to come."

For further information, please contact:

Admiral
Louise O'Shea +44 (0) 2920 434 384
Louisa Scadden +44 (0) 2920 434 394

FTI Consulting
Paul Marriott   +44 (0) 207 269 7252
Ed Berry +44 (0) 207 269 7297

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information contained therein.

Source: Admiral Group PLC via Thomson Reuters ONE
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