(Reuters) - British insurer Admiral Group said on Tuesday it had acquired Spanish digital broker Acierto in partnership with insurer Mapfre SA and private equity firm Oakley Capital.
Admiral said it formed the joint venture with Oakley and Mapfre to combine its broker Rastreator Comparador Correduría de Seguros with Acierto, two of Spain’s “most regarded” digital brokers for insurance and other financial products.
Rastreator is Admiral’s digital insurance broker in Spain and Acierto provides the full completion of the sales process for customers, which enables consumers to compare prices from over 30 insurance providers, the company said.
Admiral and Mapfre will collectively retain majority ownership of the joint venture company while Oakley Capital will hold a minority stake alongside management, the company said.
Admiral said that completion of the deal is subject to merger control clearance by the European Commission as well as the approval of the Spanish Insurance Regulator.
Reporting by Justin George Varghese in Bengaluru. Editing by Jane Merriman