Belgian insurance group Ageas SA/NV (OTC: AGESY) announced on Monday its plan to acquire UK-based car and home insurance provider esure from Bain Capital in a deal valued at £1.3
billion ($1.7 billion).
According to a press release, the transaction is expected to close in the second half of 2025. Ageas stated that the acquisition will strengthen its UK operations, broaden its target customer base, and support its ambition to grow revenues to £3.25 billion by 2028.
Following the announcement, Ageas shares rose by 1.6%.
Esure is a prominent player in the UK personal lines insurance market, known for its fully digital distribution model through price comparison websites (PCWs). The acquisition is also expected to bolster esure’s digital capabilities in the motor and home insurance segments.
Under the terms of the agreement, Ageas will pay £1.295 billion (€1.51 billion) in cash to Bain Capital. The deal is structured to maintain a Solvency II ratio target of 150% by the end of 2024.
Ageas emphasized that its capital position will remain solid, with the Solvency II ratio projected to decrease by only 10 percentage points, due in part to the inclusion of around €1 billion in Own Funds instruments as part of the financing structure. Photo by Hongkerman, Wikimedia commons.