A&O, Weil and NRF guide £1.3bn Sheilas’ Wheels owner acquisition

A&O Shearman, Weil and Norton Rose Fulbright have landed key roles on Ageas' £1.3 billion all-cash acquisition of UK insurer esure from Bain Capital, in one of the biggest UK insurance deals so far this year.

Brussels-based Ageas is buying esure to scale up in the UK personal lines market.

The deal, which includes well-known esure-owned brands like Sheilas’ Wheels, is set to create the country’s third-largest motor and home insurer.

Advising

A&O is advising Ageas, with a team led by London insurance sector M&A specialist Kate McInerney, who described the transaction as a "landmark deal". "Strategic, significant deals of this sort are what A&O Shearman is made for", she said.

The firm most recently repped Ageas on two major deals with Saga at the end of last year. Those included a long-term insurance distribution agreement and an agreement to acquire Saga’s insurance underwriting business.

Weil is leading for Bain and esure, continuing its long-standing relationship with the private equity giant after advising on its £1.2 billion take-private of esure back in 2018.

Leaning on its insurance pedigree, Norton Rose Fulbright is advising Bain and esure on the regulatory aspects of the deal.