Mr Wood has revealed that he feels the conclusion of this deal signals an increasing confidence in the motor insurance industry after a significant economic downturn in 2009.
"Everyone will have to put through significant increases, no one can carry on at this point in the cycle (without doing that), he said.
Wood also revealed that he had no further plans of car insurance acquisitions in the near future, pouring scorn on reports linking him with the purchase of RBS.
Wood said: "We will have organic growth. I have bought a book of business but I have never bought an insurance company.
"With esure, Sheila’s Wheels, we have a good enough stable so we don’t need anything else. (RBS Insurance) is not for me."
Esure, which offers home, motor, travel and pet insurance, pushes sales through the Internet as its primary sales channel, with gross assets of £975.5 million at the end of December 2008.
CompareInsurers.com is managed by a team of insurance professionals and car enthusiasts, our aim is to enable you to find all the information you need to get a competitive UK car insurance quote. With over 50 UK car insurance providers, you can be sure of finding the quote and the information you need.