Ageas, the Belgian insurance group, has agreed to buy UK motor and home insurer Esure for £1.295 billion in a deal that will create the country’s third-largest personal lines platform.
The acquisition, announced Monday, comes after Ageas dropped a separate attempt to buy Direct Line last year.
Esure, best known for its Sheilas’ Wheels and First Alternative brands, has around two million customers and reported a £127 million trading profit in 2024.
The company, formerly listed in London, was taken private by Bain Capital in 2018 for £1.2 billion.
Ageas chief executive Hans De Cuyper said the deal reflects the firm’s long-term growth strategy in the UK market.
The acquisition is expected to complete in the second half of this year, pending regulatory approval.
It follows a broader trend of consolidation in UK insurance, including Aviva’s move for Direct Line. Ageas said the Esure deal would expand its reach, distribution and scale.