Belgian Insurer Ageas Acquires UK’s Esure From Bain Capital For €1.5-B

Belgium’s Ageas has agreed to acquire UK insurer Esure from private equity firm Bain Capital for around £1.3 billion (€1.5 billion), Eleanor Butler reported for Euronews—creating the third-largest motor and home insurer in the UK.

The transaction is expected to close in the second half of 2025, pending regulatory approval. I Photo: Ageas

Ageas stated that the deal will allow it to save at least £100 million (€115.8 million) per year before tax, according to a statement released Monday. The acquisition is expected to broaden its market reach and grow its revenue to £3.3 billion (€3.8 billion) by 2028.

The transaction is expected to close in the second half of 2025, pending regulatory approval.

“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,” Ageas Group CEO Hans De Cuyper said.

Esure, which also operates under the brand names Sheila's Wheels and First Alternative, was founded in 2000 and has been owned by Bain Capital since 2018. Bain had paid £1.2 billion (€1.4 billion) to take the company private at the time.