Ageas to become UK's third-largest insurer with £1.3bn esure acquisition
Belgian insurer Ageas has agreed to acquire UK-based motor and home insurance provider esure from Bain Capital for £1.3bn (approximately $1.7bn). This strategic move aims to position Ageas as the third-largest personal lines insurance platform in the UK.
Founded in 2000 by Peter Wood, esure offers motor and home insurance products, including brands like Sheilas' Wheels and First Alternative. Bain Capital took esure private in a £1.21bn deal in 2018.
Under Bain's ownership, esure underwent a significant digital transformation, adopting a technology platform developed by EIS for policy administration and automated claims handling. As a result, esure is recognised for its robust digital presence and effectiveness on price comparison websites. In 2024, it generated over £1bn in gross written premiums.
Full integration of esure into Ageas’s operations is anticipated by 2027. The acquisition is expected to expand Ageas UK's customer base and boost annual revenues to £3.25bn by 2028.
