Admiral boss to leave after 25 years at the top
ADMIRAL Group boss and founder Henry Engelhardt delivered a characteristically colourful statement to the market yesterday, when the insurance company announced that he will step down as chief executive in one year’s time.
Engelhardt, has led the Cardiff-based company since 1991, steering it through its 2004 float, and yesterday his colleagues commended his performance at the head of the firm.
Admiral chairman Alastair Lyons said there is “no way to adequately measure the contribution” the American businessman had made to the group, which owns several brands including Confused.com.
Lyons added that Engelhardt had overseen the company’s growth from conception to an insurance group with a market capitalisation of over £4bn, over four million customers and 7,000 employees.
He is to be replaced by co-founder and current operations chief David Stevens.
“I will be very sad to see him no longer at the helm of Admiral,” said Stevens, who added that he welcomed the chance to build on Engelhardt’s “formidable legacy”.
Stevens added that he was in discussions with the outgoing chief executive over “ways in which he might continue to make his unique skills and experience available to the group after he steps down”.
Meanwhile, Engelhardt, who is well known in the City for his original way with words, said; “Don’t bury me yet, guys! I still have 12 months on the job and lots to accomplish in that time.”
However, he added that the time was right to start the transition towards the “wealth of management talent we have rising up in the organisation”.
Admiral reported slightly lower pre-tax profit in 2014, at £356.5m compared to £370.7m in 2013. Group turnover fell by three per cent to £1.97bn, but the company managed to push motor insurance sales up in a difficult market, with turnover growing by 10 per cent to £206m.
Shares in Admiral were down by 1.56 per cent yesterday on the news.
HENRY HAS A WAY WITH WORDS
Admiral Group’s 2014 was the year of the Baked Alaska ‐ hot and cold in a single bite.
ON THE INSURANCE FIRM’S 2014 RESULTS
2013 was the year of the baked potato. It was… something on the plate that is appreciated but doesn’t really grab the spotlight.
ON THE GROUP’S 2013 RESULTS
To brokers, we are the anti-Christ.
ON THE RELATIONSHIP BETWEEN INSURERS AND BROKERS
It’s a snowball going like a freight train. Downhill. Wow!
ON THE MOTOR INSURANCE MARKET IN 2011
I don’t think we will be living here for ever – it’s a bit wet.
ON WALES