Belgium-based insurance coverage operator Ageas has finalised its beforehand introduced acquisition of Esure Group, a UK private traces insurer, from Bain Capital.
The almost £1.3bn ($1.7bn) transaction, initially introduced in April this 12 months, closed after receiving full regulatory approval.
Esure will initially function as a separate entity inside Ageas UK, sustaining its present manufacturers to serve prospects.
The deal creates a balanced distribution mannequin throughout direct-to-customer channels, value comparability web sites, brokers and partnerships, mentioned Ageas.
As a part of the acquisition, Ageas UK CEO Ant Center will lead the mixed firm, whereas David McMillan and Peter Bole will step down from their respective positions as CEO and chief monetary officer (CFO) of Esure.
Esure’s former chief industrial officer Peter Martin-Simon will likely be appointed as CEO, reporting to Center, and Alistair Smith will take over as CFO of the enterprise.
Center mentioned: “By uniting the strengths of our main dealer and partnerships enterprise with a direct-to-customer market chief and harnessing the specialist experience we now have by way of our partnership with Saga, we’re constructing a sustainable and profitable private traces insurer for the long run.
“Our imaginative and prescient at Ageas UK has at all times been clear: to achieve the rostrum as one of many prime three private traces insurers. In the present day, we aren’t simply stepping onto that podium, we’re aiming to take a number one function in defining the way forward for private traces insurance coverage within the UK.”
Ageas acknowledged that the merger of the 2 companies will lead to a number one UK private traces insurer, with a powerful presence in motor and residential insurance coverage.
The acquisition is a part of its technique to strengthen its footprint within the UK market and pursue development in key areas the place it will probably obtain scale and ship long-term worth.
In December final 12 months, Ageas agreed to amass Saga’s insurance coverage underwriting enterprise and interact in a long-term partnership with the UK insurer. This deal, valued at $186.1m (€158.77m), closed in July 2025.
“Ageas closes $1.7bn acquisition of Esure” was initially created and printed by Life Insurance coverage Worldwide, a GlobalData owned model.
The data on this web site has been included in good religion for basic informational functions solely. It isn’t meant to quantity to recommendation on which you need to rely, and we give no illustration, guarantee or assure, whether or not specific or implied as to its accuracy or completeness. You could get hold of skilled or specialist recommendation earlier than taking, or refraining from, any motion on the idea of the content material on our web site.
