Admiral's £115m deal with pet and home insurance firm More Than

Admiral is moving into home and pet insurance as part of a diversification strategy

Admiral has bought competitor More Than's home and pet insurance business in a deal worth as much as £115m.

The agreement with owners RSA Insurance will see about 300 of that firm's staff transfer to Admiral.

FTSE 100-listed Admiral was established in Cardiff in 1993 and has largely focussed on car insurance.

The move into home and pet insurance is part of a strategy to diversify its operations.

Motor insurance's profits have been hit by the rising costs of vehicle repairs and replacements.

Analysis by accounting firm EY said the motor insurance market experienced its worst performing year in a decade in 2022, with insurers hit by price rises for materials and labour and energy costs.

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The company will pay RSA £82.5m up front, and up to a further £32.5m, depending on how many policies ultimately go to Admiral.

Admiral chief executive Milena Mondini de Focatiis said: "With this acquisition, we continue to fulfil our purpose to help more people look after their future."