Aviva Plc and Allianz SE are among the potential bidders for Britain’s Esure Group Plc, sources said. Sampo Oyj and Belgium’s Ageas also showed early interest.
Esure’s owner, Bain Capital, is working with advisers to measure interest in the business, which could be worth around £1.5 billion ($1.9 billion). Bain is aiming at large UK – present insurers as potential buyers that might have synergies with Esure, one source said on condition of anonymity as the information is private.
Founded in 2000, Esure has two million customers for car and home insurance. It operates under its own name, Sheilas’ Wheels, and First Alternative. The Surrey – based insurer’s revenue in the first six months of 2024 was £540 million, up 17% from the same period last year.
Esure listed on the London Stock Exchange in 2013. Bain took it private in a £1.2 billion deal in 2018. Under Bain, Esure has become a digital insurer, using a technology platform by EIS for policy administration and automated claims handling. Bain has invested about £50 million in Esure since 2018.
Discussions are ongoing, but there’s no guarantee of a transaction. Representatives of Bain, Esure, Aviva, Allianz, Sampo, and Ageas declined to comment.
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