Business

Insurer Esure considers demerging Gocompare

Gocompare advert character Gio Compario Image copyright Esure
Image caption Will Gocompare go it alone?

Insurance group Esure has said it is considering options for its Gocompare price comparison website, including a possible demerger.

Esure said it had "reinvigorated" the marketing strategy of Gocompare - best known for the Gio Compario opera singer character in its adverts - during its first year of full ownership.

It said profits at Gocompare should rise by 20-30% this year.

Esure also announced a new chief executive for Gocompare.

Matthew Crummack has been appointed to lead the website, replacing Jon Morrell. Mr Crummock previously worked as chief executive at Lastminute.com from 2011 to 2015.

Esure took full control of Gocompare in March 2015 when it bought the 50% of the business it did not already own for £95m.

The company said that since then, "the marketing strategy has been reinvigorated driving growth in insurance comparison, the cost base restructured, and focus given to a wider range of products".

Esure chairman Peter Wood said: "Now 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.

"Shareholders will be updated following this review process."

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