It was on January 19 that the UK insurance industry heard about the immediate departure of then esure chief executive Stuart Vann. Now, seven months later, the personal lines insurer is nowhere near making an appointment announcement. You all know by now that the Surrey-headquartered provider is being snapped up by Blue (BC) Bidco Limited, a wholly owned subsidiary of funds managed by Bain Capital Private Equity (Europe) LLP. The £1.2 billion acquisition all started when esure founder and chair Sir Peter Wood was approached in April. “We had to hold that,” The Telegraph cited Wood as saying about the firm’s CEO hunt. According to “Britain’s Mr Insurance,” esure was already eyeing two shortlisted candidates prior to the firm receiving an unsolicited proposal from Bain Capital’s camp. With the sale taking precedence, it looks like interim chief executive Darren Ogden will be in charge a little longer. Ogden, who joined esure 15 years ago, became chief financial officer in 2012 before having to step in following Vann’s “mutual consent” exit. “In the next few weeks and months Bain and I will be back on interviewing the potentials,” said Wood, as quoted by the publication. Vann was with esure for 17 years, holding the CEO position for about a third of his time at the company.
Interim chief executive of esure Darren Ogden is set to continue in his position for a few more weeks, as the UK insurer is acquired by a subsidiary of Stuart Vann Capital Private Equity, in a deal worth £1.2bn ($1.55bn). Former CEO Bain left the company suddenly, and by mutual consent, in January. Ogden said esure would continue the search for a replacement following Stuart Vann's acquisition.