(April 14): Ageas SA agreed to acquire the UK’s Esure Group plc from Bain Capital for £1.3 billion (RM7.51 billion), in a deal that will create the third largest motor and home insurer in the country.
 
Brussels-based Ageas said the deal could generate at least £100 million in cost savings for the insurer per year, according to a statement on Monday. The transaction, which is subject to regulatory approval, is expected to close in the second half of 2025. Shares in Ageas were trading up 1.8% as of 11.30am in Brussels.

Monday’s deal comes just over a year after Ageas’s failed takeover attempt of UK rival Direct Line Insurance Group plc, which is now being acquired by Aviva plc. Esure had attracted takeover interest from a raft of other European insurers including Allianz SE and Sampo Oyj, which owns British general insurer Hastings Group, Bloomberg News has reported. 

UK car insurers have been facing a challenging backdrop in recent years as premiums failed to keep pace with claims cost inflation. Ageas is “closely monitoring” any inflationary impact of US President Donald Trump’s trade war, chief executive officer Hans De Cuyper said in an interview, adding he expects European car markets to be less impacted by rising costs than the US.

Founded in 2000, Esure offers car and home insurance with two million customers, according to its website. It operates under its namesake brand as well as Sheilas’ Wheels and First Alternative. 

De Cuyper said it was too early to tell whether he will make wider redundancies at Esure, adding the majority of cost savings will be achieved through the integration of IT systems.

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