Admiral chief exec to step down

After 25 years, Admiral’s Henry Engelhardt who was key in making the company one of Britain’s most valuable companies, is to step down.

The American chief executive is expected to hand over the role in 2016.

Started in 1991, the company now employs 7,000 people, most of them in south Wales.

Admiral gained a firm footing in the market by targeting motorists who found it difficult to get cheaper insurance, including younger drivers, those with higher performance cars and those living in cities.

The company made its decision to set up its headquarters in Cardiff, after a £1m set-up grant was awarded by the then Welsh Development Agency.

The insurance firm has seen record profits every year since it became a public company except for last year, however it still made £357m profit in 2014.