Bain-Backed Esure Eyes UK Growth After £200 Million Revamp

UK home and motor insurance firm Esure Group Plc sees further growth in the country after a £200 million ($258 million) revamp program, according to its Chief Executive Officer David McMillan.

The company, backed by private equity firm Bain Capital, last year completed a three-year program that redesigned its technology, processes and even culture, McMillan said in an interview. Esure’s turnover grew 14% to £1.1 billion in 2024, according to a statement Tuesday. It posted a trading profit of £126.8 million, compared with a loss in the year-ago period.

“We set out with the objective of building the UK’s preeminent digital insurer,” McMillan said, adding that the company now serves 80% of its customers digitally, more than double what it was a few years ago.

Founded in 2000, Esure offers car and home insurance with 2 million customers, according to its website. It operates under its namesake brand as well as Sheilas’ Wheels and First Alternative. Esure listed on the London Stock Exchange in 2013. Bain took the insurer private in a £1.2 billion deal five years later.

Esure’s results came as the British company has attracted potential takeover interest from other insurers as Bloomberg News reported in October. Bain Capital is expected to collect binding bids for the business on April 7, according to people familiar with the matter.

Allianz SE and Sampo Oyj, which owns British general insurer Hastings Group, are among those considering bids, said the people, asking not to be identified discussing confidential information. The business also attracted interest from Belgium-based Ageas, US-based Allstate Insurance Co. and GEICO Corp., the people said.

Deliberations are ongoing and there’s no certainty the companies will proceed with bids, the people said. Representatives for Allianz, Ageas, Bain Capital, Esure and Sampo declined to comment, while Allstate and GEICO didn’t respond to requests for comment.

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