Shares in UK insurance group Esure shot up 33% on Monday as it was reported that the insurer has been subject to a £1.17 billion bid.

The move comes from Bain Capital Private Equity LP, as private equity firms look to ramp up consolidation within the insurance industry. According to a Bloomberg report, firms believe that their investing expertise can help boost returns from managing premium income – the likes of Apollo Global Management LLC have already been making moves in the US, while Cinven is reportedly in talks over acquiring a retirement product unit from AXA.

It is expected that Esure’s board of directors will recommend the bid for the provider of motor, home, van and pet insurance. We’ll bring you more on the story as it becomes available.