Ageas, Allianz said to be exploring bid for Esure

(Sharecast News) - Belgian insurer Ageas has reportedly retained advisors to explore a bid for British motor and home insurer Esure, as part of plans to consolidate the UK personal lines market. Reuters cited sources as saying that Germany's Allianz has also been working on an offer for Esure in recent weeks.

Reuters had previously reported that Esure - which is owned by private equity firm Bain Capital - could be worth at least £1bn.

It was understood there will only be one main round of bidding, with a deadline in the next few weeks and a deal not guaranteed.

Spokespeople for Bain, Ageas and Allianz declined to comment to Reuters. Esure referred requests for comment to Bain.