Yesterday it was announced that UK insurance business, esure, has reached an agreement with Bain Capital who will take the company private for £1.2bn.

Bain, have offered 280 pence per share, and HarbourVest, Lexington Partners and LGT funds have also provided minority investments as part of the deal.

Peter Wood, esure’s chairman and founder, who is also the company’s largest shareholder, supported Bain’s bit along with London hedge fund manager Toscafund. It has been confirmed that as part of the deal, Wood will stay on as chairman and also re-invest.

esure first listed on the London Stock Exchange in 2013 which gave the insurer a market cap of £1.21bn. The business was listed in 2013 by private equity owners Penta Capital and Electra Partners (now Epiris), who first backed the company in 2010.