Esure hires banks for float

Esure has appointed Deutsche Bank and JP Morgan to oversee the company’s bid to float on the stock exchange, Sky News has reported.

Direct Line founder Peter Wood, who also owns female driver-targeted insurer Sheila’s Wheels, is aiming for an initial public offer in the second half of next year and hopes to raise £2bn from the sale, Insurance Times reported earlier this year.  

Wood and his management team own 55% of the company with the balance in the hands of  private equity company Tosca Penta.