Insurance tycoon Sir Peter Wood looks set for a £350m windfall as Esure faces a sell-off
Insurance tycoon Sir Peter Wood looks set for a £360million payday from the sale of Esure to US private equity suitors for nearly £1.2billion. The proposed bid values Esure at £1.17billion and would hand 71-year-old Wood £360million for his 30.69 per cent stake. Shares in Esure, which competes with rivals such as Aviva, Hastings and Admiral in the UK car insurance market, jumped 31 per cent, or 63.2p, to 267.2p on news of the takeover talks. But that is still some way below the peak of almost 300p reached last summer. In a clear sign that Wood and his fellow directors would accept a 280p a share offer, the company said: 'The board of Esure has indicated to Bain Capital that it would be minded to recommend a firm offer if made by Bain at the price set out in the proposal.'.