Esure said to unveil GoCompare demerger this week

Motor insurance group Esure is reportedly set to unveil plans this week for the demerger of its price comparison business, GoCompare.

According to Sky News, Esure’s board is expected to sign off on the £500m demerger in the next few days.

It was understood that under the demerger, Esure founder Sir Peter Wood would be named as chairman of the price comparison unit, while GoCompare will announce a number of new independent board members before the demerger takes place.

Back in June, Esure said it had begun a strategic review of Gocompare.com, including a potential demerger.

The company said at the time: “Given the positive performance and future opportunities of Gocompare.com, the board has decided that it is the right time to review strategic opportunities for the business.”

Esure forked out £95m in 2015 to buy the outstanding 50% of GoCompare.

At 1043 BST, Esure shares were down 0.3% to 285.10p.