Belgium-based insurance operator Ageas has finalised its previously announced acquisition of Esure Group, a UK personal lines insurer, from Bain Capital.
The nearly £1.3bn ($1.7bn) transaction, initially announced in April this year, closed after receiving full regulatory approval.
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Esure will initially operate as a separate entity within Ageas UK, maintaining its existing brands to serve customers.
The deal creates a balanced distribution model across direct-to-customer channels, price comparison websites, brokers and partnerships, said Ageas.
As part of the acquisition, Ageas UK CEO Ant Middle will lead the combined company, while David McMillan and Peter Bole will step down from their respective positions as CEO and chief financial officer (CFO) of Esure.
Esure’s former chief commercial officer Peter Martin-Simon will be appointed as CEO, reporting to Middle, and Alistair Smith will take over as CFO of the business.
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By GlobalDataMiddle said: “By uniting the strengths of our leading broker and partnerships business with a direct-to-customer market leader and harnessing the specialist expertise we now have through our partnership with Saga, we are building a sustainable and successful personal lines insurer for the long term.
“Our vision at Ageas UK has always been clear: to reach the podium as one of the top three personal lines insurers. Today, we are not just stepping onto that podium, we are aiming to take a leading role in defining the future of personal lines insurance in the UK.”
Ageas stated that the merger of the two businesses will result in a leading UK personal lines insurer, with a strong presence in motor and home insurance.
The acquisition is part of its strategy to strengthen its footprint in the UK market and pursue growth in key regions where it can achieve scale and deliver long-term value.
In December last year, Ageas agreed to acquire Saga’s insurance underwriting business and engage in a long-term partnership with the UK insurer. This deal, valued at $186.1m (€158.77m), closed in July 2025.
