Lloyds Banking Group has sold 70% of its stake in Esure, the online insurer, to the company’s founder Peter Wood.
The stake has been bought by a management buyout vehicle to be called Esure Group Holdings Ltd, led by Esure chairman Peter Wood. The stake has been sold for a cash consideration "slightly in excess" of £185m. As at 31 December 2008, esure had gross assets of £975.5m (including assets backing insurance liabilities).
12/02/2010
Esure, which includes the Sheilas’ Wheels brand, was founded in 2000 as a joint venture by Peter Wood and the then Halifax plc. Esure staff will continue to be employed by Esure Services Ltd.
Archie Kane, group executive director of insurance at Lloyds Banking Group said: "This sale means we can focus our efforts on our core general insurance brands of Halifax and Lloyds TSB.
"Our priority is to deliver strong insurance products and excellent customer service across the general insurance business, thereby reinforcing our reputation as a market-leading insurance provider."
