International insurance group Ageas has completed its acquisition of esure from Bain Capital for a total consideration of £1.295 billion.
Initially announced in April 2025, Ageas confirmed that all necessary regulatory approvals have now been obtained and the transaction has been completed.
The acquisition marks a major milestone for the Group, positioning Ageas among the top three personal lines insurers in the UK. It also creates a balanced and diversified distribution network across Direct, the prominent PCW channel, brokers, and partnerships, while broadening the range of customer demographics served.
In addition, the deal adds scale, unlocks shareholder value by realising synergies, increases technology and data competencies, and enhances the Group’s cash generation capabilities.
The integration of Ageas UK and esure is expected to be completed during the Elevate27 strategic cycle, with holding free cash flow per share projected to be around 10% accretive after 2027.
Including the full impact of the esure and Saga acquisitions, the Group’s pro forma Solvency II ratio would stand at a resilient 205%.
Moody’s Ratings views the acquisition as credit positive, citing its potential to strengthen Ageas’s business and geographic diversification while increasing its share of earnings from fully controlled operations.
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