Esure chief executive and CFO to step down as Ageas completes acquisition

Ageas has announced that David McMillan and Peter Bole will step down from their respective roles as chief executive and chief finanfical officer at Esure.

Ageas revealed this morning (30 September 2025) that it had completed its acquisition of Esure after agreeing to purchase the insurer from Bain Capital in April 2025.

With the deal now complete, McMillan and Bole will step down from their roles at Esure. Peter Martin-Simon, currently chief commercial officer at Esure, will now become chief executive of the firm and report to Ant Middle, Ageas UK chief executive.

Meanwhile, Alistair Smith, currently director of finance, will assume the role of chief financial officer at Esure, reporting to Martin-Simon.

Middle said: ”I would like to thank McMillan and Bole for their work in building Esure into an innovative digital insurance business, which will play an important part in helping Ageas deliver against our strategy.

“Both have provided invaluable collaboration throughout the development of this deal and I wish them every success in their onward journeys.”

Deal details

With the deal finalised, Esure initially will operate as a separate business within Ageas UK, continuing to serve customers through its established brands.

”The combination establishes a balanced and diversified distribution model spanning direct-to-customer, price comparison websites, brokers and partnerships,” Ageas said.

“It further reinforces Ageas’s commitment to the UK market and its ambition to grow in core geographies where it can build scale and deliver long-term value.”

Middle added: “Today marks a defining chapter for Ageas UK. By uniting the strengths of our leading broker and partnerships business with a direct-to-customer market leader and harnessing the specialist expertise we now have through our partnership with Saga, we are building a sustainable and successful personal lines insurer for the long-term.”

The deal comes after the insurer tried to acquire Direct Line Group (DLG) in early 2024. DLG rejected two of its proposals, before going onto accept a larger offer from Aviva later in the year.

Ageas’ push for acquisitions come following it announcing in 2021 that its UK arm would undertake a four-year strategy to hone its craft as a solely personal lines, intermediated business.

Middle said: “Our vision at Ageas UK has always been clear - to reach the podium as one of the top three personal lines insurers. Today, we’re not just stepping onto that podium, we’re aiming to take a leading role in defining the future of personal lines insurance in the UK. I’m incredibly grateful to everyone who has helped us reach this milestone, while continuing to run our business brilliantly for our customers.”