Admiral teams up with Oakley Capital to back two Spanish InsurTechs

British insurance major Admiral has partnered with European buyout house Oakley Capital to buy two digital insurance brokers Rastreator and Acierto.

The firm is set to tap its Oakley Capital Private Equity III fund to buy and merge Rastreator Comparador Correduría de Seguros, with which includes Asesor Seguros Online and Asesor Consumer Services.

Rastreator provides a digital platform to buy and compare insurance products, financial products, travel, offers, telephone services and energy. The company was founded in 2009 and is 75 per cent owned by Admiral and 25 per cent owned by Spanish multinational insurance company, Mapfre.

Acierto also provides a digital insurance brokerage services which offers access to products from over 30 car, motorcycle, health, life and home insurance companies. The start-up is majority owned by its co-founders and generated €13m of revenue for 2018.

The deal is subjected to merger control clearance by the EU Commission and regulatory approval.

Oakley Capital managing partner Peter Dubens said, “Rastreator and Acierto have developed strong positions in the still maturing Spanish comparison market and are well-placed to achieve further growth as the industry continues to develop.

“We look forward to partnering with Admiral, together with the management team led by Elena Betés and Fernando Summers, and drawing on Oakley’s decade of successful investment experience in price comparison to support the two businesses in their future growth.”

Oakley has backed a number of digital platforms in the past including European price comparison websites Verivox and Facile.

Oakley recently secured to its first Spanish investment, after agreeing to buy business software provider Ekon, through a carve from the Iberian operations of Unit4.

Copyright © 2019 FinTech Global

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