Esure
| Company type | Public (until 2018), Private (since 2018) |
|---|---|
| Industry | Insurance |
| Founded | 2000 |
| Founder | Peter Wood |
| Fate | Acquired by Bain Capital in December 2018 |
| Headquarters | Reigate, Surrey , England, United Kingdom |
Area served | United Kingdom |
Key people | Andy Haste (Chairman, since March 2020) |
| Products | Motor insurance, Home insurance, Travel insurance |
| Owner | Bain Capital (since December 2018) |
| Website | www |
Esure Group plc (branded as esure) operates as an insurance provider primarily through online and telephone channels, with its main office located in Reigate, Surrey, England, and additional locations in Manchester and Glasgow. It was listed on the London Stock Exchange until its purchase by Bain Capital in December 2018.
History
Established in 2000 by entrepreneur Peter Wood, who previously founded the Direct Line insurance company under the Royal Bank of Scotland, Esure rapidly made a name for itself within the UK insurance sector.
The firm gained public attention with a series of memorable advertisements starring Michael Winner from 2002 through 2005 and again in 2007, which made the catchphrase, "Calm down dear, it's a commercial," widely recognized.
In November 2007, Esure entered into a sponsorship agreement valued at about £10 million over two years for the ITV National Weather segments, taking over from E.ON.
By February 2010, Lloyds Banking Group divested its 70% holding in Esure to Esure Group Holdings, controlled by Peter Wood, at an estimated valuation of £185 million. The company later went public on the London Stock Exchange in March 2013.
On 8 December 2014, Esure purchased the remaining half stake it did not own in the financial comparison platform Gocompare.com, having previously held a minority interest. Nevertheless, Gocompare was spun off again in November 2016.
In August 2018, private equity firm Bain Capital agreed to acquire Esure for £1.2 billion, with the transaction receiving High Court approval in December 2018.
Founder Sir Peter Wood resigned as Chairman in March 2020 and was replaced by Andy Haste.
On 14 April 2025, current proprietor Bain Capital revealed plans to sell Esure to Ageas for €1.510 billion, aiming to create one of the top three personal lines insurance providers in the UK market.
Operations
Esure offers insurance products including motor, home, and travel coverage. It focuses on lower-risk clients by providing discounted premiums to drivers with an active no claims bonus. Its vehicle insurance range also includes the First Alternative brand, which was originally an independent insurer specializing in higher-risk customers but now operates as a smaller sub-brand within Esure.
Criticism and concerns
In 2013, questions were raised about possible conflicts of interest following significant donations made by Esure’s founder Peter Wood to the Conservative Party. The company’s initial public offering in February 2013 benefited from legislation favorable to insurers passed in 2012. Wood personally gained approximately £198 million from this flotation while holding roughly one-third of the company’s shares.
In October 2014, Esure attracted criticism after refusing an insurance claim and offering only a £5,000 goodwill payment to a policyholder whose home had been deliberately set on fire by her abusive husband. The insurer maintained that its policy excluded coverage for intentional criminal acts despite expressing sympathy toward the claimant.
Additional concerns surfaced in 2014 regarding potential conflicts when insurance companies own comparison websites. FCA rules mandate disclosure of such conflicts. At that time, GoCompare was half-owned by Esure (later fully acquired), with conflict disclosures presented only in fine print. The FCA found no evidence that this ownership led to unfair financial gains for Esure.