Belgian insurer Ageas has struck a transformative £1.3 billion (€1.5 billion) deal to acquire UK-based Esure from Bain Capital, creating Britain’s third-largest motor and home insurance platform, according to Euronews.
The acquisition, set for completion in late 2025 pending regulatory approval, marks Ageas’s boldest move yet to challenge market leaders Aviva and Direct Line in the fiercely competitive UK personal lines sector.
The transaction will enable Ageas to diversify distribution channels, integrating Esure’s digital-first approach via price comparison websites (PCWs) with Ageas’s established broker network. It will also allow to achieve £100 million annual cost savings through operational synergies, including shared IT platforms and streamlined claims processing.
Moreover, the deal will boost UK revenues to £3.25 billion by 2028, leveraging Esure’s brands (Sheilas’ Wheels, First Alternative) to target broader demographics.
Ageas CEO Hans De Cuyper emphasised the deal’s strategic fit:
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.
The deal follows Ageas’s failed £3.2 billion bid for Direct Line, which Aviva ultimately acquired for £3.7 billion. Analysts note Ageas’s pivot to Esure offers a more cost-effective route to scale.
