Peter Wood leads MBO vehicle to take on remaining 70% of the online insurer
Esure founder Peter Wood has taken full ownership of the business after buying out Lloyds Banking Group’s stake for £185m.
Lloyds sold its 70% portion of the business to a management buy-out vehicle, called Esure Group Holdings, led by Wood.
Private equity firm Electra Partners invested £30m in the management buy-out vehicle.
Wood said: “When I set up Esure with Halifax plc as joint venture partner in 2000, no one could have foreseen the events that would lead to Lloyds Banking Group – which already offers car and home insurance successfully – taking on that role.
“This move creates a clean base for both companies to move forward, pursuing their own insurance strengths unfettered.
The agreement marks the start of a long period of hard work for everyone at Esure but we will relish this challenge.”
Lloyds Banking Group’s group executive director of insurance, Archie Kane, said: “This sale means we can focus our efforts on our core general insurance brands of Halifax and Lloyds TSB.”
Online insurer Esure, which includes women-only brand Shelia’s Wheels, has around £1bn in gross assets.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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