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Admiral in £508m deal with price comparison firm

Admiral Ty Admiral in CardiffAdmiral
Admiral has its headquarters in Cardiff, as well as offices in Swansea and Newport

Insurer Admiral Group is selling part of its business, including online portal Confused.com, in a deal valued at £508m.

Price comparison firm RVU will buy its Penguin Portals and Preminen businesses.

Admiral was launched in 1993 selling car insurance over the phone in Cardiff with a team of just 57.

Chief Executive David Stevens said the deal was a positive outcome for customers, employees and shareholders.

Getty Images Confused.com logoGetty Images
The website Confused.com is being sold by Admiral

"It is the right choice for the long-term success of the businesses," he said.

Admiral has UK offices in Swansea and Newport and overseas sites in Spain, Italy, France, Canada, the US and India.