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Esure Considering Demerger From Gocompare.com

(c) Sky News 2016

Esure has launched a strategic review of its price comparison website Gocompare that could result in a possible demerger - eighteen months after the insurance company took full control of the website.

Peter Wood, Chairman of esure Group plc, commented: "Now (NYSE: DNOW - news) is the right time to review strategic opportunities for the Gocompare.com business, including a potential demerger, in order to continue to maximise value for our shareholders."

The insurance company, which also owns Sheila’s Wheels, took full control of the company, when it bought the remaining 50% stake of the business it did not already own for £95m in March 2015.

It (Other OTC: ITGL - news) is well known for its adverts featuring fictitious opera singer Gio Compario.

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Matthew Crummock, who previously worked as the chief executive at Lastminute.com from 2011 to 2015, has been appointed to lead the website, replacing Jon Morrell, in a move the board hopes will strengthen the business as it continues to grow in insurance comparison.

"Now is the right time to introduce a new CEO to Gocompare.com to continue its growth through an enhanced digital and data strategy, and the widening of its non-insurance product offering. I welcome Matthew and all of his experience to the Group." Stuart Vann, Chief Executive Officer of Esure Group plc (LSE: ESUR.L - news) , said.

Mr Crummock has also held senior positions at Expedia (NasdaqGS: EXPE - news) , Nestle (VTX: NESN.VX - news) and Procter & Gamble and sits on the board of National Express (LSE: NEX.L - news) as a non-executive director.

Esure said profits at Gocompare should rise by 20% to 30% this year.