(Bloomberg) --Aviva Plc and Allianz SE are among potential bidders for Britain's home and motor insurance firm Esure Group Plc, according to people familiar with the matter.
Sampo Oyj, which owns British general insurer Hastings Group, and Belgium-based Ageas have also indicated early interest in the asset, the people said. Esure's owner Bain Capital is working with advisers to gauge interest in the business, which could fetch about £1.5 billion ($1.9 billion), the people said.
Bain is targeting large insurers with a UK presence as potential buyers that may have synergies with Esure, said one of the people, asking not to be identified as the information is private.
Founded in 2000, Esure offers car and home insurance with two million customers, according to its
Esure was listed on the London Stock Exchange in 2013. Bain took the insurer private in a £1.2 billion deal five years later.
Under Bain's ownership, Esure has transitioned into a digital insurer, adopting a technology platform developed by EIS for insurance policy administration and automated handling of claims. The buyout fund has invested roughly £50 million in Esure since taking control of the company in 2018, one of the people said.
Deliberations are ongoing and there's no certainty they will lead to a transaction, the people said. Representatives for Bain, Esure, Aviva, Allianz, Sampo and Ageas declined to comment.
