Ageas has agreed to buy British insurance company Esure’ from private equity firm Bain Capital’ for around £1.3 billion (€1.5 billion).
Ageas, the insurer, said in a statement released on Monday that the deal would save at least £100 million (€115.8 million) a year before taxes.
The firm added that the deal will expand its scope and help boost market revenue to £3.3 billion (€3.8 billion) by 2028.
The transaction is expected to be completed in the second half of this year, subject to regulatory approval.
Ageas Group CEO Hans De Cuyper said on Monday that ’This transaction will allow us to deliver competitive value offerings to a wider customer profile through a multi-channel distribution model, making Ageas UK“ one of the top three individual insurance companies.
David McMillan, CEO of Esure Group, said in the same statement: “AgeasEssure ’'s scale, financial strength and excellent broker relationshipsCombining alongside a common technology platform with ’'s strong retail brands, market-leading data capabilities and strength in PCW’s will increase our shared ability to invest in our customer offering and pave the way for new opportunities for growth.”
Esure, which also operates under the Sheilas’ Wheels and First Alternative brands, was founded in 2000 and has been owned by Bain Capital’e since 2018. In 2018, the group paid £1.2 billion (€1.4 billion) to end the firm's public ownership.
The deal also came after Ageas’ tried to expand its footprint in the UK ’ by bidding for Direct Line. British auto insurer rejects Ageas’'s bid for two acquisitions; The latter added a value of £3.2 billion (€3.7 billion) to the firm, noting that the offer was “cazip” for shareholders.
Direct Line is currently being acquired by ’'s largest insurance company Aviva for £3.7 billion (€4.3 billion); The acquisition of Direct Line’ was approved after the firm rejected its initial offer. Acquisition of the combined group's motor vehicle insurance market %More than 20’ and home industry It means that ’ine has dominated.
Esure said in its 2024 financial report that “ saw excellent progress and achieved a turnover of £1.1 billion (€1.3 billion) compared to £973 million in 2023”.
The company generated a commercial profit of approximately £126.8 million (€146.7 million) last year from a loss of £16.7 million in 2023’.
The deal between Esure and Ageas came after the UK government launched an investigation into the high cost of car insurance last year, but prices have been falling in recent months.
