Esure chief executive ‘not surprised’ by takeover speculation

Esure chief executive David McMillan has said he is “not surprised” by speculation about the business being up for sale following the insurer seeing year-on-year growth.

Esure is currently owned by private equity firm Bain Capital, which acquired the provider in 2018 for £1.21bn.

In March 2025, Reuters reported that Ageas had retained advisors to explore a bid for the motor and home insurance provider. Sources also told the publication that Allianz had been working on an offer in recent weeks.

Insurance Times understands that there is strong strategic interest beyond just the two mentioned in reports, who have all hired advisors and are active in management meetings.

McMillan said he was “not surprised [by] the speculation”.

He told Insurance Times: “We’re a very attractive company, we’re performing really well and we’ve got a strong future ahead of us.”

Multiyear transformation

In a trading update published yesterday (1 April 2025), the home and motor insurer said it secured a profit after tax of £57.7m in the 12 months to December 2024, up from a loss of £60.1m the year before.

The firm’s combined operating ratio also improved year-on-year, dropping from 102.5% to 84.5%, while turnover increased from £973m to £1.11bn.

The improved figures come following Esure completing its multiyear transformation in 2024, with the firm going through a complete rebuild.

McMillan said: “It’s been a really fundamental ground up redesign as a company. We’ve pretty much changed all the technology, all the processes and all the customer journeys.

“We’ve launched new propositions and we have also changed the culture of the organisation.

“In our view, we think we have built the most advanced platform in the sector – and when I talk about platform, I’m talking about great technology, great people and great ways of working – and I think that gives us a unique position in the market.”