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Investing.com -- ageas SA/NV (OTC:AGESY), a Belgian insurance group, on Monday confirmed its plans to purchase British car and home insurance provider esure from Bain Capital for £1.3 billion ($1.7 billion).
The transaction is expected to be finalized in the second half of 2025, the company said in a press release, adding that the strategic move will enable Ageas (LON:0Q99)’s UK division to expand its target customer base and boost its revenues to £3.25 billion by 2028.
Shares of Ageas were up 1.6% after the news.
Esure, a leading UK personal lines insurer with a fully digital distribution model via the PCW channel, also aims to enhance its digital capabilities in the motor and home insurance sectors.
According to the agreement, Ageas will pay Bain Capital a cash sum of £1.295 billion (€1.510 billion) for esure. This respects a Solvency II target ratio of 150% as of the end of 2024.
Ageas’ capital position will remain strong, with the Solvency II ratio expected to decrease by approximately only 10 percentage points due to the inclusion of about €1 billion of Own Funds instruments in the financing mix.