Belgium-based insurance coverage operator Ageas has finalised its beforehand introduced acquisition of Esure Group, a UK private traces insurer, from Bain Capital.
The almost £1.3bn ($1.7bn) transaction, initially introduced in April this 12 months, closed after receiving full regulatory approval.
Esure will initially function as a separate entity inside Ageas UK, sustaining its current manufacturers to serve prospects.
The deal creates a balanced distribution mannequin throughout direct-to-customer channels, worth comparability web sites, brokers and partnerships, stated Ageas.
As a part of the acquisition, Ageas UK CEO Ant Center will lead the mixed firm, whereas David McMillan and Peter Bole will step down from their respective positions as CEO and chief monetary officer (CFO) of Esure.
Esure’s former chief industrial officer Peter Martin-Simon will probably be appointed as CEO, reporting to Center, and Alistair Smith will take over as CFO of the enterprise.
Center stated: “By uniting the strengths of our main dealer and partnerships enterprise with a direct-to-customer market chief and harnessing the specialist experience we now have by our partnership with Saga, we’re constructing a sustainable and profitable private traces insurer for the long run.
“Our imaginative and prescient at Ageas UK has at all times been clear: to succeed in the rostrum as one of many high three private traces insurers. As we speak, we aren’t simply stepping onto that podium, we’re aiming to take a number one position in defining the way forward for private traces insurance coverage within the UK.”
Ageas acknowledged that the merger of the 2 companies will lead to a number one UK private traces insurer, with a powerful presence in motor and residential insurance coverage.
The acquisition is a part of its technique to strengthen its footprint within the UK market and pursue progress in key areas the place it may obtain scale and ship long-term worth.
In December final 12 months, Ageas agreed to accumulate Saga’s insurance coverage underwriting enterprise and have interaction in a long-term partnership with the UK insurer. This deal, valued at $186.1m (€158.77m), closed in July 2025.
