David Stevens, chief executive of Admiral, might reasonably be feeling a bit miffed about the market’s reaction to his first set of figures since succeeding Henry Engelhardt, who had occupied the role for 25 years. Both are founders, but there are always nerves when so dominant a personality stands down.
The halfway figures are good enough. The UK car insurance business, the core part of the group, is moving ahead, with turnover and customer numbers both up by well into double figures.
Mr Stevens claims that the see-sawing in rates that has made car insurance such a battleground for decades may at last be settling down. We will see how long such rationality continues, but for now premiums are rising and insurers can again take