Ageas megadeal to acquire Esure will create third largest player in personal insurance market

Belgian insurance Ageas giant is to acquire Esure, the personal lines insurer with a strong presence on price comparison websites in the UK. 

Ageas will pay Bain Capital £1.295 billion for Esure and the deal is part of Ageas’s strategy of increasing a presence in European markets through acquisitions.

Founded in 2000 by Sir Peter Wood, the founder of Direct Line, and headquartered in Surrey, Esure has always maintained a Manchester office. In October 2024 Esure moved from its office on Quay Street in Manchester to 42 Fountain Street to a 3,494 sq ft office space, completing the building’s occupancy.

 Esure Group owns the Esure and Sheilas’ Wheels brands and issued more than 2.5 million policies across the UK. Esure floated on the London Stock Exchange in 2013 in March 2015 GoCompare became part of the group, but operated separately in terms of GoCompare’s comparison and partnership services.

The deal will widen Ageas UK’s target customer demographics and enable growth to a top-line of £3.25 billion by 2028.

However, the deal is also targeting cost savings in excess of £100m a year before tax. 

For months, Esure has been subject to market speculation of a sale, with Fenchurch reportedly being hired as advisers for Bain. Many firms were rumoured to be interested, with Aviva, Allianz and Ageas