Acquisition of Elephant Insurance completed

Henrico County’s Elephant Insurance is now part of J.C. Flowers & Co., a New York private investment firm, after the vehicle insurer’s parent company completed the sale Dec. 31, 2025.

Announced Monday, terms of the deal announced in April 2025 were not disclosed. The U.K.-based Admiral Group sold Elephant Insurance Co. and Elephant Insurance Services to Flowers in “an undisclosed cash consideration,” Admiral said last year.

“We are excited to be entering this next chapter of growth and grateful to the support that Admiral has given us over the years,” Alberto Schiavon, CEO of Elephant Insurance, said in a news release Monday. “Having been a part of Admiral, we have a relentless focus on the customer, doing the right thing and a unique culture. We’re pleased [that] this partnership with J.C. Flowers will allow us to retain these important qualities whilst benefitting from their extensive expertise.”

Elephant has more than 400 employees, according to its website. A request for comment to J.C. Flowers was not immediately returned Tuesday.

In 2024, Elephant Insurance reported a profit of about £14 million, or $18.8 million, after reporting a loss of about £20 million, or $26.9 million, in 2023.

Admiral Group launched Elephant in 2009 to grow its overseas automobile insurance business. It initially traded only in Virginia. Elephant Insurance added Maryland, Illinois and Texas markets in 2013, followed by Indiana and Tennessee markets in 2016. Ohio was added in 2020 and Georgia the following year. More than 225,000 drivers and their vehicles are covered by Elephant Insurance, according to the website.

“Aided by J.C. Flowers’ deep understanding of the insurance industry, we believe Elephant Insurance is well positioned to further expand in the U.S.” Eric Rahe, managing director and co-president of J.C. Flowers, said in a news release. “Consumers are looking for customization and coverage options, and with Elephant Insurance they have the ability to create auto coverage that best meets their personal situation.”

Founded in 1998, J.C. Flowers has invested more than $18 billion of capital, including co-investments, in 72 portfolio companies in 19 countries across sectors including insurance and specialty finance.