Ageas Acquires esure in £1.3bn InsurTech Deal
Deal News | Apr 14, 2025 | Business Cloud
Belgium-based Ageas has agreed to acquire Surrey-based esure, a digital insurer, from Bain Capital for £1.3 billion. The acquisition will bolster Ageas's presence in European markets, particularly in the UK, and create the third-largest UK personal lines insurance platform. This strategic move supports Ageas's plan to achieve a top-line of £3.25 billion by 2028. esure's digital distribution model, which includes brands like Sheilas' Wheels, is complemented by Ageas's broker relationships and financial strength. The deal promises cost savings and increased shareholder value, with finalization expected in the second half of 2025, pending regulatory approvals. Financial and legal advisories include BofA Securities, Allen & Overy, Sherman Sterling LLP, Fenchurch Advisory Partners LLP, and Goldman Sachs International.
Sectors
- Insurance
- Finance and Investment
Geography
- United Kingdom – The acquisition involves esure, which is based in Surrey, UK, and significantly affects the UK insurance market.
- Belgium – Ageas, the acquiring company, is based in Belgium, highlighting this geography's involvement.
Industry
- Insurance – The article primarily discusses the acquisition of esure, a digital personal lines insurer, highlighting its impact on the insurance market.
- Finance and Investment – Bain Capital's sale of esure to Ageas involves significant financial negotiations, requiring advisors and legal counsel which are typical activities in the finance and investment sector.
Financials
- £1.3 billion – The acquisition value paid by Ageas to acquire esure from Bain Capital.
- £100 million per annum – The projected cost saving potential from the transaction before tax.
- £1 billion – The revenues from premiums esure recorded in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ageas | Acquirer | Company | A Belgium-based insurance group acquiring esure to expand its market presence. |
| esure | Target company | Company | A digital personal lines insurer based in Surrey, UK, known for brands esure, Sheilas’ Wheels, and First Alternative. |
| Bain Capital | Vendor | Company | The investment firm selling esure to Ageas. |
| BofA Securities | Financial Advisor | Company | Serving as financial advisor to Ageas for this transaction. |
| Allen & Overy | Legal Counsel | Company | Serving as legal counsel to Ageas for this transaction. |
| Sherman Sterling LLP | Legal Counsel | Company | Also serving as legal counsel to Ageas for this transaction. |
| Fenchurch Advisory Partners LLP | Financial Advisor | Company | Serving as financial advisor to Bain Capital and esure for the transaction. |
| Goldman Sachs International | Financial Advisor | Company | Serving as financial advisor to Bain Capital and esure for the transaction. |
| Hans De Cuyper | CEO of Ageas | Person | Leading Ageas during the acquisition of esure. |
| David McMillan | CEO of esure | Person | Responsible for esure and comments on the strategic benefit of the merger with Ageas. |