The transaction marks a significant expansion for Ageas in the UK market and is expected to position the combined entity as the third-largest personal lines insurance provider in the country.
With more than 2.1 million policies and gross written premiums of £1 billion in 2024, esure holds a strong presence on UK price comparison websites (PCWs), offering primarily motor and home insurance products. The merger with Ageas UK will bring together complementary capabilities and extend the company’s reach across multiple distribution channels, including direct, PCWs, brokers, and strategic partnerships.
The acquisition is aimed at accelerating Ageas UK’s diversification strategy by deepening its presence in the PCW space and expanding its underwriting footprint. This move is expected to help the business grow its top-line revenue to £3.25 billion by 2028. The deal will be financed through a combination of surplus cash and newly issued senior and hybrid debt and/or equity. Completion of the transaction is anticipated in the second half of 2025, pending regulatory approval.
Hans De Cuyper, CEO of Ageas Group, said the acquisition aligns with the group’s broader strategic goals and strengthens its position in one of its key markets. “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,” he said, affirming the group’s continued commitment to its Elevate27 financial strategy and dividend policy.
Ant Middle, CEO of Ageas UK, emphasized the growth potential the acquisition unlocks. “esure is a significant addition to the Ageas UK business and aligns perfectly with our growth strategy. The combined Ageas and esure franchise will benefit from an outstanding customer offering, through market-leading technology and prominent brands, that will drive our expansion into new customer demographics,” he noted. Middle highlighted esure’s technical capabilities as complementary to Ageas’s, enabling faster development and broader customer reach.
David McMillan, CEO of esure Group, called the deal a natural fit that brings together two strong, complementary businesses. “Combining Ageas’s scale, financial strength and broker relationships with esure’s strong retail brands, market-leading data capabilities and PCW presence will enhance our ability to invest in our customer proposition and open up new opportunities for growth,” McMillan said, praising his team’s achievements and expressing confidence in the partnership.
Bain Capital, which has owned esure since 2018, also expressed satisfaction with the outcome. Luca Bassi, Partner at Bain Capital, said, “During our ownership, esure has built the leading tech platform in UK insurance. This transaction is a testament to esure’s strong market position and the state-of-the-art technology platform built under Bain Capital’s tenure, with the business now at record levels of profitability. We are confident that Ageas is the right partner to continue this legacy of success and innovation.”
The acquisition marks a major milestone in the UK insurance sector and reflects the growing importance of digital innovation, multi-channel distribution, and customer-centric strategies in shaping the future of personal lines insurance.
