For about £1.3 billion (€1.5 billion), Belgium’s Ageas has agreed to purchase UK insurer Esure from private equity company Bain Capital. In a statement issued on Monday, insurer Ageas said that the agreement will enable it to save at least £100 million (€115.8 million) year before taxes. By expanding its global presence, the transaction would help the company reach £3.3 billion (€3.8 billion) in market sales by 2028, the firm stated.
Depending on regulatory approval, the deal is expected to conclude in the second part of this year. Esure was established in 2000 and has been owned by Bain Capital since 2018. The company also goes by the names Sheilas’ Wheels and First Alternative. In 2018, the group paid £1.2 billion (€1.4 billion) to close the company’s public ownership. Additionally, the agreement follows Ageas’ bid for Direct Line in an effort to increase its presence in the UK. The British auto insurance company turned down two acquisition offers from Ageas, calling the second one “unattractive” for shareholders and valuing the company at £3.2 billion (€3.7 billion).
The largest insurer in the UK, Aviva, has agreed to buy Direct Line for £3.7 billion (€4.3 billion). Direct Line had previously rejected the company’s initial offer. As a result of the transaction, the merged business now controls 15% of the housing sector and more than 20% of the auto insurance market. In its 2024 financial report, Esure reported “excellent progress,” with a turnover of £1.1 billion (€1.3 billion) as opposed to £973 million in 2023.
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