Ageas acquires UK insurer esure for 1.5bn euros
Belgian insurance group Ageas has reached an agreement with investment firm Bain Capital to acquire UK insurer esure for about 1.3 billion pounds, or 1.5 billion euros. With the deal, Ageas aims to position itself as one of the three largest personal lines insurers in the UK.
Esure is a personal lines insurer, offering insurance that covers individuals against loss that results from death, injury or loss of property. It specialises in car and home insurance and manages more than 2 million policies, generating a premium income of 1.2 billion euros last year. The acquisition will allow Ageas to significantly strengthen its presence in the UK and expand its customer base.
Ageas Group CEO Hans De Cuyper said the acquisition was fully aligned with the company’s strategic priorities.
“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,” he said in a press release.
The acquisition should lead not only to economies of scale but also to cost savings. In addition, Ageas expects the integration of esure to contribute to stronger cash flow and higher profitability. The expansion of its insurance activities will allow Ageas UK to increase its premium income to 3.8 billion euros by 2028.
The deal is expected to be completed in the second half of 2025, subject to regulatory approval.
Ageas CEO Hans De Cuyper presenting 2024 results in Brussels, February 2025 © BELGA PHOTO NICOLAS MAETERLINCK
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