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PreviousEsure
n February 2010 Electra invested £30 million in the management buyout of Esure from Lloyds Banking Group, led by Peter Wood, founder and CEO of Esure. The transaction was unleveraged and the total value was in excess of £185 million.
Founded in 2000 as a joint venture between the then Halifax plc and Peter Wood (who previously founded Direct Line at RBS), Esure, which also owns the Sheila's Wheels brand, offers car, home, pet and travel insurance over the internet and by phone. The company is one of the UK's leading motor insurers with circa 1.3 million motor and circa 0.4 million home insurance policyholders.
The motor insurance market has been going through a difficult trading period over the past couple of years and the company has not been immune to this. However Esure has taken a number of initiatives to mitigate this, including premium increases along with the whole market, which will have a beneficial effect on financial performance in due course.
Founded in 2000 as a joint venture between the then Halifax plc and Peter Wood (who previously founded Direct Line at RBS), Esure, which also owns the Sheila's Wheels brand, offers car, home, pet and travel insurance over the internet and by phone. The company is one of the UK's leading motor insurers with circa 1.3 million motor and circa 0.4 million home insurance policyholders.
The motor insurance market has been going through a difficult trading period over the past couple of years and the company has not been immune to this. However Esure has taken a number of initiatives to mitigate this, including premium increases along with the whole market, which will have a beneficial effect on financial performance in due course.