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Belgian insurer Ageas has struck a £1.3bn deal to buy esure from Bain Capital in an expansion of its UK business.
Ageas said it would pay cash for esure in a deal designed to boost its home and motor insurance operations.
Esure, which also trades under brands including Sheilas’ Wheels and First Alternative, has been owned by Bain Capital since 2018.
Hans De Cuyper, Ageas chief executive, said: “We are delighted to have reached an agreement to acquire esure. In recent years, Ageas has experienced significant growth in the UK, making it an increasingly important part of the group.”
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