Bain Capital taps advisers for sale of UK's esure, sources say
By Amy-Jo Crowley and Carolyn Cohn
LONDON, Sept 13 (Reuters) -Private equity firm Bain Capital has lined up advisers for the possible sale of British motor and home insurer esure, three people familiar with the matter told Reuters.
Fenchurch is among the advisers tapped for the sale, two of the people said.
Potential bidders include Belgian insurer Ageas AGES.BR, which has said it wants to expand in UK general insurance but abandoned its pursuit of esure's larger rival Direct Line DLGD.L earlier this year, one of the people and third one said, speaking on condition of anonymity.
Esure could be worth at least 1 billion pounds ($1.31 billion) based on a improving profit outlook at the company, one of the people said.
Bain declined to comment. Ageas said it never comments on market rumours. Fenchurch did not respond to a request for comment. Esure referred requests for comment to Bain.
Esure and Ageas use the same technology platform, EIS, which makes the target particularly attractive to Ageas, the person said. Esure's smaller size, compared with the 2.4 billion pound Direct Line, also makes it a manageable proposition for Ageas, the person added.
The sale talks come as motor and home insurers' performance have suffered in recent years from the rising cost of repairs in an era of high inflation.
However, esure reported a 17% increase in turnover in the first half of 2024,and said it had completed modernising its technology, according to results posted on its website. Esure made a trading loss of 16.7 million pounds in 2023.
Esure, whose products include careful driver brand Sheilas' Wheels, was formed in 2000 by former Direct Line founder Peter Wood. Bain took esure private in a 1.21 billion pound deal in 2018.
($1 = 0.7621 pounds)
Reporting by Amy-Jo Crowley and Carolyn Cohn. Editing by Anousha Sakoui and Louise Heavens
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
