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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Belgian insurer buys Sheilas’ Wheels owner Esure in £1.3bn deal

Esure Ageas Wheels United Kingdom Direct Line Intact Insurance Bain Capital RSA
A cyclist rides along with the early-morning traffic in London
Ageas tried to expand its UK presence last year by bidding for the car insurer Direct Line twice. Photograph: Andy Rain/EPA

The Sheilas’ Wheels owner, Esure, will be sold to the Belgian insurer Ageas in a £1.3bn deal that will create the UK’s third-biggest home and motor insurer.

Ageas is buying the UK insurer from the private equity firm Bain Capital in a deal funded through a combination of surplus cash and debt or equity.

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