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Thousands of staff at insurance firm Admiral will get a £1,000 bonus as a thank you from boss Henry Engelhardt before he retires.

Employees with at least one year's service will receive the top payment, while others will get £500.

Mr Engelhardt retires in May after clocking up 25 years at the group he co-founded in 1991.

Admiral employs 8,375 staff, including more than 6,000 in the UK, and the move will personally cost him £7m.

He said: "We are making this gift in recognition of the hard work and team spirit that has underpinned Admiral's success as we've grown from a start-up with value of £0 to a FTSE 100 company with a value of £5 billion today."

All Admiral staff, from those working in Swansea, Cardiff and Newport, to Delhi, Richmond and Rome "and all places in-between", will get the gift.

Mr Engelhardt will be replaced by co-founder and current Admiral chief operating officer David Stevens.