Slaughter and May is advising esure Group plc ('esure') on its intention to proceed with an initial public offering of its ordinary shares, as announced on 27 February 2013.

esure, is a UK motor and home insurer founded by its Chairman, Peter Wood, the foremost general insurance entrepreneur in the UK. Its motor and home policies are sold primarily under the esure and Sheilas' Wheels brands and it also owns 50% of top-four UK insurance price comparison website Gocompare.com.

Shares in esure will be offered to institutional investors in the UK and elsewhere, and to intermediaries in the UK who will facilitate the participation of their retail clients in the UK, the Channel Islands and the Isle of Man. Application will be made for the shares to be admitted to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange. The offer will comprise an issue of new ordinary shares to raise £50 million to repay outstanding debt; and the partial sale of existing shares held by certain of esure's current shareholders, principally Peter Wood and Tosca Penta Investments LP and members of esure's management. Esure is expected to have a free float of approximately 35-50% on Admission.

The syndicate for the IPO comprises Deutsche Bank as Joint Global Coordinator and Joint Bookrunner, J.P. Morgan Cazenove as Joint Global Coordinator, Joint Bookrunner and Sole Sponsor, and Canaccord Genuity Limited and Numis Securities Limited as CoLead Managers.

Davis Polk & Wardwell LLP is advising esure on U.S. law.
 
Contacts

Corporate and Commercial: John Papanichola (partner), Jonathan Marks (partner), Rob Innes (associate), Rob Coombes (associate), Clare Halliday (associate), Anna Ngo (associate); Competition: Philippe Chappatte (partner), Scott Pettifor (associate); Pensions and Employment: Jonathan Fenn (partner), Amy Douthwaite (associate), Sarah Ferguson (associate); Tax: Gareth Miles (partner), Tom Jarvis (associate); IP/IT: Cathy Connolly (partner), Marianne Helps (associate); Real Estate: Jane Edwarde (partner), Richard Todd (associate); Financial Regulation: Ruth Fox (partner), Tim Fosh (associate), Michael Raymond (associate)

Davis Polk & Wardwell LLP: Jeffrey Oakes (partner), John Satory (counsel)

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