Belgium’s Ageas SA/NV has agreed to buy esure Group PLC from private equity firm Bain Capital LP for £1.30 billion, creating the third largest personal lines insurer in the UK, the companies announced on Monday.

Brussels-based Ageas provides property, casualty and life insurance and pensions in 13 countries, including, in addition to Belgium, the UK, Portugal, Turkey and throughout much of Asia.

Surrey, England-based esure is a motor and home insurer under the esure, Sheila’s Wheels and First Alternative brands. esure was a FTSE 250 listing in London before being acquired by Bain for £1.21 billion in 2018.

It had 2.1 million insurance policies written with gross written premium of £1 billion in 2024.

Ageas will pay Bain £1.295 billion in cash, and the deal is expected be completed in the second half of the year, subject to regulatory approval.

‘In recent years, Ageas has experienced significant growth in the UK, making it an increasingly important part of the group,’ explained Ageas Chief Executive Officer Hans De Cuyper. ‘This transaction will allow us to offer competitive value propositions to a wider customer profile via a multi-channel distribution model, positioning Ageas UK as one of the top three personal lines insurers.

‘Acquiring esure also supports our strategic ambitions of re-balancing our group profile towards businesses with high cash conversion.’

Added esure CEO David McMillan: ‘This transaction brings together two highly complementary businesses and creates an even stronger platform for continued innovation, growth and excellent delivery for our customers.

‘Combining Ageas’s scale, financial strength and excellent broker relationships with esure’s strong retail brands, market-leading data capabilities and strength on [price comparison websites], alongside a shared technology platform, will enhance our combined ability to invest in our customer proposition and open up new opportunities for growth.’

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