Ageas has announced the acquisition of esure from Bain Capital in a $1.7bn deal that positions the firm as the third largest personal lines platform in the UK.
The deal, expected to close in the second half of 2025, will help Ageas UK broaden its target customer demographics and boost its revenue to £3.25bn by 2028, according to Reuters.
It also supports Ageas’s ambition to elevate its digital capabilities across motor and home insurance, enhancing competitiveness against established market leaders such as Aviva and Direct Line.
Founded in Belgium, Ageas is a long-standing player in the global insurance space, operating in 14 countries and offering life and non-life insurance products.
Its UK arm specialises in personal lines insurance. esure, based in the UK, is known for its motor and home insurance products, with a strong customer base and a focus on digital channels.
Bain Capital, which acquired esure in 2018, is a private equity firm with investments across multiple industries including healthcare, finance, and technology.
The integration of esure into Ageas UK is expected to be completed by 2028. During this period, Ageas plans to focus on consolidation rather than pursuing further mergers in the UK.
The acquisition follows Ageas’s recent attempt to buy Direct Line, which was ultimately acquired by Aviva. The company is maintaining a flexible approach to future deals but intends to prioritise integrating recent acquisitions first.
In anticipation of future opportunities, Ageas plans to issue €1bn ($1.14bn) in own funds instruments to retain its financial strength and acquisition capacity.
Although the deal occurs against a backdrop of global trade tensions, CEO Hans De Cuyper noted that the insurance sector remains largely insulated from such pressures due to its limited reliance on international trade.
Ageas CEO Hans De Cuyper said, “We have done two acquisitions in a very short time. So you will have to give us some time to digest and to integrate that.”
De Cuyper added, “We plan to issue 1 billion euro ($1.14 billion) of own funds instruments … to keep the firepower.”
On market risk, De Cuyper also stated, “We have a British pound currency risk, but there are hedging solutions that can help you to cover that.”
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