personal finance

Admiral chief’s Waterloo Foundation sells down


Admiral was one of the few insurers to beat market profit expectations during the first half, as it managed to increase motor rates ahead of the broader market.

On the same day that the Welsh insurer revealed these results, the Waterloo Foundation — a charity set up by chief executive David Stevens and his wife Heather in 2007 — sold £4.8m of the shares that had been donated to it. Mr Stevens is a trustee of the foundation. The foundation retains a 1 per cent stake in Admiral following the sale.

Despite motor premium rates rising, they still lagged behind claims inflation, which pushed up the attritional loss ratio by 2.2 percentage points. That was even after excluding the impact of the government’s change to the Ogden rate — used to calculate compensation received by motor accident victims — which caused the insurer to take a £33m charge during the first half.



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