Retiring Admiral Insurance chief gives £10m thank you present to loyal staff

A RETIRING boss is giving his loyal staff £10million to say thank you for all their hard work.

David Stevens, boss of Cardiff-based Admiral insurance, has gifted the multi-million pound giveaway to be shared between staff as he steps down.

More than 7,00 full-time staff will get a £1,000 as a leaving gift and part-time workers will get £500.

The chief executive said: “Saying thank you to all Admiral staff in this way is the right thing to do and I’m so proud and fortunate to have worked with a such a special group of people.

“Their hard work and dedication has allowed Admiral to grow from a start-up to over 11,000 staff worldwide.

"And all of this while remaining a great place to work. Thank you from myself and my wife to everyone at Admiral.”

The company employs 7,500 in South Wales with another 3,000 plus overseas – and they will all get the pay-out.

Its other offices overseas are in Spain, Italy, France, Canada, the US and India.

The payment from the 58-year-old is being made alongside his wife and another co-founder of the business, Heather Engelhardt.

In 1991, Mr Stevens co-founded Admiral, which also includes

It was launched to sell car insurance over the phone in Cardiff with a small team of 57.

The firm announced record profits of over £500m.

Mr Stevens has said the secret to the success is "consistently happy staff, consistently happy customers. Hopefully happy shareholders."

Mr Stevens is being succeeded as chief executive by Milena Mondini de Focatilis.

It follows a similar gesture by former chief executive Henry Engelhardt.

He gave £1,000 to full time staff in 2016 as a thank you – which totaled to £7m.


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