Bloomberg also reported that esure’s owner, Bain Capital, is collaborating with advisers to assess market interest in the insurer, which may reach a valuation of approximately £1.5 billion ($1.9 billion).
Bain is said to be targeting larger insurers with an established UK presence, particularly those that may benefit from operational synergies with Esure. A source, who requested anonymity due to the private nature of the information, suggested that these synergies could be a driving factor in potential bids.
esure, founded in 2000, offers car and home insurance products, serving around two million customers. The Surrey-based company operates under the esure, Sheilas' Wheels, and First Alternative brands.
According to its latest financial reports, esure recorded revenue of £540 million in the first half of 2024, marking a 17% increase compared to the same period in 2023.
The insurer was initially listed on the London Stock Exchange in 2013, but Bain Capital took it private in a £1.2 billion acquisition five years later. Since acquiring the firm, Bain has focused on transforming esure into a digital insurance provider, implementing a technology platform from EIS for policy administration and automated claims processing.
Bain has invested approximately £50 million in esure's digital infrastructure since 2018, according to a source familiar with the matter.
Discussions regarding the sale are ongoing, and it remains uncertain whether a transaction will take place.
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