Exiting Esure owner reportedly in talks to lead $2bn investment in broker

Insurance broker Acrisure is reportedly in talks to receive as much as £1.5bn ($2bn) from a group led by Bain Capital’s special situations arm.

According to Bloomberg, people familiar with the matter said that the new investment is set to take the form of preferred equity, which gives the investor certain preferences over common equity holders.

The publication also reported that terms of the transaction have not been finalised and could still change.

This comes following US-based Acrisure expanding in the UK – it entered the market in 2022 with the acquisition of Nottinghamshire-based Russell Scanlan.

Other firms it has purchased include Global Broking Solutions, Financial and Credit Insurance Services, as well as Scottish broker WH&R McCartney.

Bain Capital did not comment when approached by Insurance Times.

Esure deal

Bain Capital’s reported interest in Acrisure comes following it agreeing a deal to sell Esure to Ageas in April 2025.

Bain Capital acquired the insurance provider in 2018 for £1.21bn. Ageas will pay a cash consideration of £1.3bn for the firm, which will be financed through a combination of surplus cash and newly issued senior and hybrid debt and/or equity within the existing authorisations.

David McMillan, Esure group chief executive, said the “transaction brings together two highly complementary businesses and creates an even stronger platform for continued innovation, growth and excellent delivery for our customers”.

“Combining Ageas’s scale, financial strength and excellent broker relationships with Esure’s strong retail brands, market-leading data capabilities and strength on PCWs, alongside a shared technology platform, will enhance our combined ability to invest in our customer proposition and open up new opportunities for growth,” he added.

“I am deeply proud of what the Esure team has achieved to date. We look forward to working alongside the Ageas team to build the UK’s leading personal lines insurer.”