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BUZZ-UK motor insurers: rally on upbeat AA index

Reuters - UK Focus

** Specialist car insurers Admiral, Direct Line , eSure rally on closely-watched AA index showing Q2 5 pct rise in premiums on quarter and on year

** 5 pct annual rise in premiums over the next 3 years would imply a 20 pct earnings upgrade for eSure, 14 pct for Direct Line and 9 pct for Admiral, JPMorgan Cazenove says in a note, reiterating overweights on eSure and Direct Line, underweight on Admiral "on a relative basis"

** Admiral up nearly 2 pct, 2nd biggest gainer on FTSE 100

** Direct Line up 0.3 pct, trimming earlier 1 pct gains which took it to record highs, eSure rises more than 1 pct

(RM (LSE: RM.L - news) : carolyn.cohn.thomsonreuters.com@reuters.net)