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.
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