Admiral Group plc announces intention to offer subordinated notes
On 9 July 2014, Admiral announced that, following meetings with fixed income investors in the UK beginning 15 July, it intends to offer up to £200 million of ten year, tier two, subordinated notes.
Comment from Henry Engelhardt, CEO Admiral Group
“I’m pleased to announce our first bond issue. Since Admiral went public in 2004 we have been unleveraged, but we think that with a favourable market and rates that seem very reasonable, now is a good time to diversify our capital base.
“It is an opportune time to strengthen and diversify our capital resources as we make a prudent transition into Solvency II in 2016, with the attendant regulatory capital requirement and buffers. The additional capital also sets us up well for the growth we expect from all our businesses in the coming years whilst being consistent with our existing dividend policy.”
Current credit ratings received from Fitch Ratings LimitedHolding Company Issuer Default Rating (IDR)Admiral Group PLCA-Subordinated NotesBBBOperating Companies Insurer Financial Strength Ratings (IFS)Admiral Insurance (Gibraltar) LtdA+ Stable OutlookAdmiral Insurance Company LtdA+ Stable Outlook Fitch press release