It looks like the ESURE applications have been scaled back - unfortunately to an amount that is hardly worth the bother. (40% @£2.90).

Esure Website

Sheila's Wheels Website

Recent Broker notes

BarChart Indicators

Recent Market news

Esure Fundamentals (ESUR)

(Reuters) - "Shares in Britain's esure opened 8.6 percent higher at 315p on their London market debut on Friday, after the home and motor insurer completed a listing valuing it at 1.2 billion pounds ($1.82 billion).
Esure priced the initial public offering, in which a 50 percent stake was sold, at 290 pence per share, towards the upper end of its original 240 pence to 310 pence per share range.
Selling shareholders, including founder and chairman Peter Wood and Tosca Penta Investments, will in total receive around 554 million pounds from reducing their stakes.
Following esure's market debut on Friday, Wood will remain the company's largest shareholder with a stake of 30.9 percent."

esure Group plc announces that its 2013 Q1 Interim Management Statement will be released on Wednesday 8 May 2013 at 7.00am (UK time).

Deutsche Bank Buy 0.00 300.00 - 340.00 Initiates/Starts

Canaccord Genuity Buy 202.00 203.50 321.00 321.00 Reiterates

Numis Add 302.75 300.00 - 340.00 Initiates/Starts

JP Morgan Cazenove Overweight 302.75 300.00 - 331.00 Initiates/Starts

Interim Management Statement

Highlights

· esure Group plc successfully admitted to the London Stock Exchange on 27 March 2013
· Gross written premiums for Q1 2013 of £124.2m - 1.6% up on Q1 2012
· Gross written premiums on core brands - £120.2m - 3.4% up on Q1 2012 with motor increasing by 3.1% to £99.2m and home by 5.0% to £21.0m
· Total in-force policies at 31 March 2013 of 1.79 million - a 1.8% increase compared to year-end 2012
· Additional Services Revenues ("ASR") of £27.4m up 9.6% on Q1 2012
· Strong financial position following the elimination of all debt upon IPO

Canaccord Genuity Buy 310.25 306.00 330.00 330.00 Reiterates

Group JP Morgan Cazenove Overweight 312.88 331.00 331.00 Reiterates

Blackrock < 10%

esure Group plc notice of 2013 interim results for the six months to 30 June 2013

esure Group plc announces that its 2013 interim results will be released on Tuesday 6 August 2013 at 7:00am.
Management will host a presentation for analysts at 10:00am on 6 August 2013.
A webcast and conference call of the presentation will be available on the esure Group plc website at www.esuregroup.com

So much for this TP upgrade.

JP Morgan Cazenove Overweight 309.45 331.00 340.00 Reiterates

Half Yearly Report

Financial highlights

· Gross written premiums up 6.7% to £265.4m (1H 2012: £248.8m)
· In-force policies up 5.5% to 1.855 million (FY 2012: 1.759 million)
· Trading profit1 up 7.2% to £65.2m (1H 2012: £60.8m)
· Profit before tax up 15.2% to £56.9m (1H 2012: £49.4m)
· Combined operating ratio2 improved by 4.8ppts to 89.6% (1H 2012: 94.4%)
· Additional Services Revenue ("ASR")3 up 2.8% to £51.0m (1H 2012: £49.6m)
- ASR excluding Claims Income3 up 8.9% to £45.4m (1H 2012: £41.7m)
· Pro forma earnings per share4 up 16.9%5 to 10.6 pence (1H 2012: 9.1 pence)
· Interim dividend per share of 2.5p (1H 2012: nil), a payout ratio of 70% (1H 2012: nil) reflecting the strong operational performance and financial position of the Group.

In auction -10.9%.

wow sp down over 11% somebody for "sure" doesn't like their results!

Not a good start!

Exane BNP Paribas Underperform 274.20 - 271.00 Initiates/Starts

Exane BNP Paribas Neutral 0.00 271.00 267.00 Upgrades

Deutsche Bank Buy 0.00 340.00 300.00 Reiterates

JP Morgan Cazenove Overweight 0.00 340.00 340.00 Reiterates

Esure Group: Deutsche Bank reduces target from 340p to 300p, while keeping a buy recommendation. Exane shifts target from 271p to 267p, while upgrading to neutral. Canaccord Genuity cuts target from 330p to 270p and stays with its buy recommendation

esure: JP Morgan reduces target from 340p to 305p, while keeping an overweight rating

Interim Management Statement

On track to meet market expectations for the full year despite challenging market conditions

Highlights

· Gross written premiums year-to-date up 4.8% to £427.0m (YTD Q3 2012: £407.6m) - motor up 4.8% and home up 4.2%
· Gross written premiums for Q3 up 1.7% to £161.5m (Q3 2012: £158.8m) - motor up 1.8% and home up 1.3%
· Total in-force policies at 30 September 2013 of 1.906 million (FY 2012: 1.759 million)
· Additional Services Revenue1 ("ASR") year-to-date up 0.4% to £79.3m (YTD Q3 2012: £79.0m)
- ASR excluding Claims Income up 7.5% to £72.7m (YTD Q3 2012: £67.6m)
· The financial position remains strong and the Group remains debt-free.

On the move +4.9%.

The recovery seems to be underway!

Hmmmm....you could have said the same thing in early Sept & early Oct!

Yes, but that was before the latest RNS!

Also need to consider the latest broker views:
14 Nov Canaccord... 255.00 Buy
14 Nov JP Morgan... 300.00 Overweight
14 Nov Deutsche Bank 300.00 Buy

JP Morgan Cazenove Overweight 248.60 300.00 300.00 Reiterates

Still climbing back up!

27 Nov 2013 Esure Group ESUR Deutsche Bank Buy 254.20 253.00 300.00 300.00 Reiterates

SP TARGET 300p

Up almost 15% today!

Looking to fill the gap.

Insurance group esure will announce its 2013 preliminary results on 11 March.

Results for the year ended 31 December 2013

Strong, resilient financial performance delivered in 2013 despite challenging market conditions.

Financial highlights

· Gross written premiums up 4.0% to £535.8m (2012: £515.0m)
· In-force policies up 9.9% to 1.933 million (2012: 1.759 million)
· Profit before tax up 2.5% to £118.4m (2012:£115.5m)
· Combined operating ratio1 improved by 3.1ppts to 89.7% (2012: 92.8%)
· Additional Services Revenue ("ASR")2 broadly flat at £103.9m (2012: £104.1m)
- ASR excluding Claims Income2 up 7.9% to £95.7m (2012: £88.7m)
· Pro forma earnings per share3 up 5.8% to 22.4 pence (2012: 21.1 pence)
· Final dividend of 13.3 pence per share (FY 2012: nil). Full year dividend of 15.8 pence per share (2012: nil) represents an annualised pro forma payout ratio of 85%6
· Return on capital employed4 of 37.7% (2012: 37.0%)
· Strong financial position with IGD5 coverage of 308%, after the final dividend

Ex-divi 9th Apr 2014 (13.3p)

01 May 2014

esure Group plc notice of 2014 Q1 Interim Management Statement

esure Group plc announces that its 2014 Q1 Interim Management Statement will be released on Wednesday 7 May 2014 at 7.00am (UK time).

This announcement will be available on www.esuregroup.com

Interim Management Statement

Highlights


· Total in-force policies increased 9.5% year-on-year and 1.5% in the quarter to 1.962m as at 31 March 2014 (Q1 2013: 1.791m, FY 2013: 1.933m)

· Gross written premiums broadly flat at £123.5m (Q1 2013: £124.2m), with Motor and Home down 0.5% and 1.0% respectively

· Additional services revenues ("ASR")1 down 3.5% to £24.7m (Q1 2013: £25.6m);
ASR, excluding Claims Income1, up 9.5% to £23.1m (Q1 2013: £21.1m)

· Severe weather events at the beginning of Q1 2014 are estimated to have cost the Group up to £3m more than normally expected during the quarter, at the lower end of the guidance given in March

· The Group's financial position remains strong.

JP Morgan have again given an overweight rating this morning:

11 Jun JP Morgan... N/A Overweight
3 Jun Citigroup 294.00 Buy
8 May Canaccord... 295.00 Buy
8 May Beaufort... N/A Hold
8 May Deutsche Bank 303.00 Buy
10 Apr Deutsche Bank 313.00 Buy
1 Apr Deutsche Bank 313.00 Buy
24 Mar JP Morgan... 300.00 Overweight
21 Mar HSBC 336.00 Overweight
12 Mar Canaccord... 295.00 Buy

Half Yearly Report

Highlights

· Profit before tax up 0.4% to £57.1m (HY 2013: £56.9m)

· In-force policies up 2.1% to 1.974 million (FY 2013: 1.933 million)

· Gross written premiums down 1.9% to £260.4m (HY 2013: £265.4m)

· Combined operating ratio1 increased 1.3ppts to 90.9% (HY 2013: 89.6%) due primarily to the severe weather events in Q1

· Additional services revenues ("ASR")2 flat at £51.0m (HY 2013: £51.0m);
ASR, excluding Claims Income2, up 5.7% to £48.0m (HY 2013: £45.4m)

· Earnings per share3 up 2.7% to 10.9 pence (HY 2013: 10.6 pence)

· Interim dividend per share of 5.1p (HY 2013: 2.5p4), a payout ratio5 of 70% (HY 2013: 70%)

· Strong financial position with IGD6 coverage of 366%, after allowing for the interim dividend.

Interim Management Statement

Remaining disciplined in tough market conditions

Financial summary

· Total in-force policies increased 2.5% year-on-year and 1.1% year-to-date to 1.954m as at 30 September 2014 (Q2 2014: 1.974m, FY 2013: 1.933m, Q3 2013: 1.906m)

· Motor in-force policies are broadly flat year-to-date at 1.394m (Q2 2014: 1.421m, FY 2013: 1.385m), with Home in-force policies up 2.4% to 0.561m (Q2 2014: 0.553m, FY 2013: 0.548m)

· Gross written premiums year-to-date down 4.0% to £410.0m (YTD Q3 2013: £427.0m), Motor and Home down 4.5% and 1.3% respectively

· Gross written premiums for Q3 down 7.4% to £149.6m (Q3 2013: £161.6m), Motor down 8.8%, with Home broadly flat

· Additional Services Revenues1 ("ASR") year-to-date broadly flat at £79.0m (YTD Q3 2013: £79.3m)

ASR excluding Claims Income up 2.8% to £74.7m (YTD Q3 2013: £72.7m)

· The financial position remains strong, with the Group remaining well capitalised and on track for the implementation of Solvency II

StockMarketWire.com
esure Group has conditionally agreed to acquire the outstanding 50% of Gocompare.com Holdings Limited for £95m.

This will give esure 100% of Gocompare.

The acquisition is subject to Competition and Markets Authority approval.

Chairman Peter Wood said: "This is another positive milestone for esure Group. Gocompare has always been an exciting business and it has developed strongly following our original investment into one of the UK's leading financial services brands. This move lays the ground for further development of Gocompare as part of the Group's strategy of diversifying income streams."

Results for the year ended 31 December 2014

Solid results achieved through a disciplined approach in a challenging environment

Headlines

· In-force policies up 0.7% to 1.946 million (2013: 1.933 million)

· Gross written premiums down 3.4% to £517.8 million (2013: £535.8 million)

· Profit before tax down 12.8% to £103.3 million (2013: £118.4 million) impacted by current market conditions and costs associated with the acquisition of Gocompare1

· Combined operating ratio2 increased by 2.2ppts to 91.9% (2013: 89.7%)

· Additional Services Revenue ("ASR")3 broadly flat at £103.0 million (2013: £103.9 million)
- ASR excluding Claims Income3 up 1.7% to £97.3 million (2013: £95.7 million)

· Pro forma earnings per share4 down 11.6% to 19.8 pence (2013: 22.4 pence)

· Final dividend of 11.7 pence per share (2013: 13.3 pence). Full year dividend of 16.8 pence per share

(2013: 15.8 pence) represents a payout ratio of 85%. The payout ratio comprises a base dividend of 50%

and a special dividend of 35%.

· Strong financial position with IGD5 coverage of 377% after the final dividend

· Acquisition of the outstanding 50% of Gocompare1 for £95.0 million; expected to complete on 31 March

2015, funded by the issue of £125.0 million 6.75% ten year tier two Subordinated Notes

JP Morgan Cazenove Overweight 211.20 290.00 290.00 Reiterates

Deutsche Bank Hold 211.20 275.00 255.00 Downgrades

The share price has fallen out of bed and yet the analysts still seem positive on this share. So who is right?

10 Mar JP Morgan... 290.00 Overweight
10 Mar Deutsche Bank 255.00 Hold
9 Mar Deutsche Bank 275.00 Buy

The market is always right! ;o)

JP Morgan Cazenove Overweight 211.65 212.50 290.00 280.00 Reiterates

Invesco > 5%

Interim Management Statement

Interim Management Statement for the three months to 31 March 2015

Highlights

· Gross written premiums up 5.8% to £130.7m (Q1 2014: £123.5m)

· In-force policies up 1.3% in the quarter to 1.971m (FY 2014: 1.946m, Q1 2014: 1.962m)

· Motor gross written premiums up 7.2% to £110.1m (Q1 2014: £102.7m), with Home gross written premiums down 1.0% to £20.6m (Q1 2014: £20.8m)

· Motor in-force policies up 1.7% to 1.401m (FY 2014: 1.378m, Q1 2014: 1.410m), with Home in-force policies broadly flat at 0.570m (FY 2014: 0.568m, Q1 2014: 0.552m)

· Additional Services Revenues1 ("ASR") down 1.2% to £24.4m (Q1 2014: £24.7m)

· The Group's financial position remains strong; the Group remains well capitalised; and is on track for the implementation of Solvency II

· Completed the acquisition of the outstanding 50% of Gocompare2 on 31 March 2015

Half Yearly Report

Performance in line with guidance; claims environment remains challenging

Highlights

· Gross written premiums up 5.8% to £275.5m (HY 2014: £260.4m)

· In-force policies up 2.5% to 1.995 million in the first half of 2015 (FY 2014: 1.946 million, HY 2014: 1.974 million)

· Combined operating ratio 4.9ppts higher at 95.8% (HY 2014: 90.9%) largely driven by a reduction in favourable development of prior accident year reserves to 14.9% of net earned premiums (HY 2014: 19.0%)

· Underlying profit before tax2 down 21.3% to £46.5m (HY 2014: £59.1m)

· Underlying earnings per share3 down 20.4% to 9.0 pence (HY 2014: 11.3 pence)

· Interim dividend per share of 4.2p (HY 2014: 5.1p), a payout ratio4 of 70% of underlying earnings per share for the HY 2015 (HY 2014: 70% of reported earnings per share)

· Strong financial position with IGD5 coverage of 390%, after allowing for the interim dividend; remain on track for the implementation of Solvency II

· Gocompare6 revenue broadly flat at £59.6m; profit before tax up 25.2% to £13.4m (HY 2014: Revenue of £59.1m; profit before tax of £10.7m); and cash earnings accretive for the Group

Shore Capital Sell 239.30 - - Reiterates

JP Morgan Cazenove Overweight 239.30 299.00 295.00 Reiterates

Barclays Capital Overweight 239.30 - - Retains

I'm out. Sold out this morning. I didn't like the interims one little bit. Nasty loss but medicine taken. May look again if it gets below 220.

Preliminary Results

Highlights

· Gross written premiums up 6.3% to £550.3m (2014: £517.8m)

· In-force policies up 2.8% to 2.001 million (2014: 1.946 million)

· Combined operating ratio 5.9ppts higher at 97.8% (2014: 91.9%)

· Profit before tax up 29.7% to £134.0m (2014: £103.3m)

· Underlying profit before tax1 down 22.7% to £82.9m (2014: £107.2m)

· Final dividend of 7.3 pence per share, which together with the interim dividend of 4.2 pence per share, takes the full year dividend to 11.5 pence per share. This reflects a payout ratio2 of 70% of underlying earnings per share, inclusive of a 20% special dividend

· Gocompare.com3 income up 5.0% to £119.0m (2014: £113.3m); profit before tax down 9.0% to £23.3m (2014: 25.6m) as the Group invests in its strategic objectives

· Well capitalised under Solvency II with Group coverage at 123% (137% prior to Group final dividend) and Solo coverage at 138%

Up 12% on this news:

http://news.sky.com/story/1719721/bidders-go-compare-numbers-on-esure-takeover

StockMarketWire.com
esure (ESUR) said no approach has been received by the company concerning a potential offer.

esure said it continues to focus on its strategic review of Gocompare.com Holdings as announced on 7 June 2016, in order to maximise value for all shareholders and will announce results of the strategic review in due course.

RBC note today:
"Strategic review results in demerger of Gocompare
esure announced that it will pursue a demerger of Gocompare as a result of the strategic review that it launched in June 2016. Subject to approvals, the deal should occur in Q4 2016 and will incur costs of c£19m. esure believes that Gocompare as a standalone entity will be able to attract more technology focused employees who will be more interested in joining a digital company. Prior to the demerger being completed, Gocompare is expected to draw down on a £75m debt facility and pay a cash dividend of £63m to esure. Following the demerger, esure will target an SCR of 130-150%, an increase on the SCR of 126% at 1H16, and sees no change to current dividend policy. We believe the increase in esure’s solvency ratio should help esure’s standing as a standalone motor insurance business vs peers.
Investment thesis crystallising
Our positive investment thesis was borne of our belief that the market fundamentally undervalues Gocompare as part of esure. We have written about this extensively in several notes including ‘Good value when you Gocompare: Initiating at Outperform’ and ‘What happens when you Gocompare’. We believe that today’s announced demerger should help shareholders to crystallise value in the company. If we were to value esure’s earnings excluding Gocompare at 13x, this implies that Gocompare would trade on 14x 2017E earnings, a large discount to the P/E multiple of Moneysupermarket (20x 2017E).
Scenario analysis – range between 310p and 394p per share
We re-run our scenario analysis from our 7th June 2016 note and generate a valuation range between 310p and 394p. Arguably, Gocompare’s only real comparable is Moneysupermarket, given the price comparison business that they both focus on. If we value Gocompare’s 2017E earnings at a 20% discount to Moneysupermarket’s multiple and value the remainder of esure’s earnings at 13x, we generate a 310p valuation (our base case). However, if progress continues to be strong, then potentially Gocompare could re-rate to a Moneysupermarket multiple which would suggest a valuation of 338p. If we use the trading multiples of internetfocused peers such as Zoopla, Autotrader, and Rightmove, this leads to a valuation of 394p per share, however, we would argue that this is more of a blue sky scenario."

Gocompare.com on road to stock market

The multimillionaire founder of esure hailed Gocompare.com as his “best investment ever” as the insurer said that it would spin out the price comparison website in a stock market listing that could value the business at as much as £500m. Esure told the market yesterday that after a strategic review it had concluded that separating the companies was the best option for both and would make it easier for Gocompare.com to bring in leading technology industry managers.

Shareholders in esure will be given new shares in Gocompare on a pro rata basis, meaning that Sir Peter Wood, who owns just under a 31% stake in esure, will be the biggest shareholder in Gocompare when it lists in London. The flotation of Gocompare is expected to take place before the end of the year and the website is expected to attract an independent valuation of between £400m and £500m. Esure said the costs of separating out the price comparison site would come to £19m.

Complete article: http://www.thetimes.co.uk/edition/business/gocompare-com-on-road-to-stock-market-x6jphqdqr

esure completes demerger of Gocompare.com

esure Group plc ("esure" or the "Group") has today completed the demerger of Gocompare.com Group plc ("Gocompare.com") from the Group.

The shares in Gocompare.com (ticker "GOCO") were admitted today to the premium segment of the Official List and to trading on the main market of the London Stock Exchange.

Sir Peter Wood, Chairman of esure Group plc, commented:
"The process of demerging Gocompare.com from esure Group has now been completed. Both businesses will benefit from being able to focus on their distinct strategies, with Gocompare.com operating as a leading UK price and product comparison website and esure Group as a leading UK provider of motor and home insurance."

Stuart Vann, Chief Executive Officer of esure Group plc, commented:
"As outlined at our 1H 2016 results, we continue to make excellent progress across our strategic initiatives. In the first half of 2016 we grew gross written premiums by over 16% and we remain very well positioned for further growth in our market."

StockMarketWire.com
esure Group reports continued strong growth in the nine months to the end of September and says it remains on track for the full year.

Highlights
- Gross written premiums up 15.9% to £499.0m (YTD Q3 2015: £430.5m)

* Motor gross written premiums up 18.3% to £430.6m (YTD Q3 2015: £364.1m)

* Home gross written premiums up 3.0% to £68.4m (YTD Q3 2015: £66.4m)

- In-force policies up 5.7% to 2.105m (Q3 2015: 1.991m)

* Motor in-force policies up 7.6% to 1.530m (Q3 2015: 1.422m)

* Home in-force policies up 1.1% to 0.575m (Q3 2015: 0.569m)

- Additional Services Revenues1 up 3.5% to £80.6m (YTD Q3 2015: * £77.9m)

* - The Group's financial position is strong and the capital base has been further strengthened as part of the Gocompare.com demerger

Chief executive Stuart Vann commented: "Our business continues its strong growth trajectory and overall premiums are up 16% and policies up 6% year-on-year, which is very pleasing. As a result of our underwriting expertise, focus on customer service, and efficient expense base, we are well placed to take advantage of the current motor market conditions to grow our market share over the coming period and deliver value to shareholders.

"Rates in motor continue to be favourable and we are making good progress on our strategic initiatives to grow our business. In particular our underwriting footprint expansion, which supports our growth ambitions, and enhanced customer contribution modelling in motor are delivering promising results.

HSBC Buy 199.80 240.00 243.00 Reiterates

Credit Suisse today initiates coverage of esure Group plc (LON:ESUR) with a outperform investment rating and price target of 240p.

What a flat liner, looking at the chart.

Yes - its going to break one way or the other soon!

Peel Hunt Hold 201.70 190.00 200.00 Reiterates

Interesting developments in the progress of self driving cars.
FT - "Motor insurance is likely to shift from coverage of the driver to product liability coverage, especially as the technology shifts towards partially and fully autonomous vehicles. This is supported in the UK by the government's expected plans to retain compulsory motor insurance for autonomous vehicles in the Modern Transport Bill, due to be published soon. Motorists will likely have coverage from their insurers in the event of an accident, even if the vehicle was operating autonomously, because the coverage will be extended to product liability. Where the vehicle is at fault, the insurer will then be able to seek compensation from the manufacturer.

Concerns were expressed over the risks of intermediate technologies, as drivers may not always be aware that they need to be ready to take over from the vehicle at any moment. Some manufacturers, concerned with the risks, have decided to skip the intermediate stages entirely. In jurisdictions where the law is not clear, insurers may find determining liability for accidents difficult.

There is still a lot of uncertainty over who will have access to connected car data. This is especially pertinent for insurers who will need at least a basic level of data in order to determine liability in the event of an accident.

For motor insurers globally, all this means that adaptation is crucial to ensure future competitiveness. In the short term we would expect increased technology in cars to reduce the frequency of claims for insurers, possibly leading to higher profits. However, 5-10 years out, we think insurers may need to find new pools of risk, or expand to become service providers for motorists."

Preliminary results

A strong year of growth in premiums, policies and profit

Highlights

· Gross written premiums up 19.0% to £655.0m (2015: £550.3m)

· In-force policies up 8.6% to 2.174 million (2015: 2.001 million)

· Underlying profit after tax(1) up 18.0% to £80.5m (2015: £68.2m)

· Combined operating ratio 1.0ppt higher at 98.8% (2015: 97.8%)

· Full year dividend of 13.5p (2015: 11.5p) reflects a payout ratio of 70% of underlying earnings per share, inclusive of a 20% special dividend

· Strong capital position with Group coverage(2) at 149% (2015: 123%)

· Demerger of Gocompare.com completed on 3 November 2016

Gap to be filled?

Yes, to be sure.

I'll get my coat :o)

Peel Hunt Hold 239.95 200.00 200.00 Reiterates

Shore Capital Sell 239.95 - - Reiterates

Ah, so nice to have uniformity between brokers!🤣

Kim - what is that emoji?

Hysterical laugh skinny. On my iPhone.

Interim results



An excellent first half with growth in premiums, policies and profits

Highlights

· Gross written premiums up 22.8% to £393.3m (1H 2016: £320.4m)

· In-force policies up 8.8% to 2.258 million (1H 2016: 2.076 million)

· Profit before tax from continuing operations up 44.6% to £45.1m (1H 2016: £31.2m)

· Combined operating ratio improved 2.6ppts to 96.6% (1H 2016: 99.2%)

· Interim dividend of 4.1p per share (1H 2016: 3.0p per share) reflects a payout ratio of 70% of earnings per share, inclusive of a 20% special dividend

· Solvency coverage(1) at 153% (FY 2016: 152%)

Peel Hunt Buy 195.75 - 300.00 Reiterates

Interims tomorrow - looks 'leaky'!

And there it is - no leak what so ever!!!

Possible Offer

The Board of esure Group plc ("esure" or the "Company") notes the recent movement in its share price and confirms that, having received an unsolicited proposal from Bain Capital Private Equity, LP and its affiliates ("Bain Capital"), it is in the advanced stages of discussing a possible offer for the entire issued and to be issued share capital of the Company by Bain Capital.

Following discussions and a period of due diligence, Bain Capital has submitted a proposal to acquire all of the issued and to be issued shares of esure at 280 pence per share in cash (the "Proposal").

The Proposal represents:

· a premium of approximately 37 per cent. to the closing share price of 204 pence on 10 August 2018 (being the last business day prior to this Announcement);

· a premium of approximately 40 per cent. to the one month volume weighted average price of 199 pence per esure Share to 10 August 2018; and

· a premium of approximately 29 per cent. to the three month volume weighted average price of 216 pence per esure Share to 10 August 2018.

Well done Skinny - I take it you've got some. I sold my CFD's a while ago at 196p when I got fed up with day-trading and packed that in.

Only on a S/B so reasonably small (now closed) - Unfortunately I sold my shares some time ago.