About half of the company will be sold to the public market on the stock exchange when the company lists on the London Stock Exchange, and the IPO is expected to happen before the end of March.
The firm’s founder, Peter Wood, who is also the founder of Direct Line, will remain the largest individual shareholder in the company, but most of the shares are being offered are from existing shareholders, including Wood himself.
The insurer is hoping to raise about £50m from the new shares, which it plans to use mainly for paying back debts and shoring up the company’s balance sheet.
Esure is also the parent company of other well-known insurance products, including Sheila’s Wheels, and about half of the Gocompare.com price comparison website, and currently provides about one in 20 car insurance policies in the UK. It became prominent with the memorable 'calm down, dear' catch phrase from the late Michael Winner, who starred in its adverts.
Current finances look healthy too, suggesting the firm may well fetch the share price it is planning. Last month it revealed that full-year pre-tax profits had doubled in 2012 to £116m compared with the year before.
Wood said: ‘We have worked hard for many years to make Esure a business that can compete at the highest level with confidence. Today is a milestone reached through the enormous hard work by the Esure board, executive team, and staff.’