insurance group Admiral has announced plans to float on the stock market,
resulting in some staff receiving windfalls of between £40,000 and £50,000.
under half of the company, estimated to be worth about £600m million, is owned
by 900 of its staff.
company has 1,100 employees in Cardiff and another 400 in Swansea.
working for the company for more than three years will qualify.
has revealed record annual profits, up 29 per cent on the previous year, with
online sales now making up half its business.
executive Henry Engelhardt said the flotation was "a validation" of
Admiral’s successful growth and "an exciting next stage in the future
development of our company".
profits for 2003 stood at £71.2m, up from £55.2m a year earlier.
group, which has 800,000 customers, also said it had paid out a record £2.5
million to staff through profit-sharing schemes.