By John Meyer, consultant in financial affairs – Eurasia Business News, December 13, 2024. Article No 1336.
Saga plc and Ageas have reached an agreement for a significant insurance deal worth £147.5 million (approximately $186 million). The transaction includes two main components:
- 20-year Affinity Partnership: Saga and Ageas will establish a long-term partnership for motor and home insurance distribution.
- Sale of Underwriting Business: Ageas will acquire Saga’s Insurance Underwriting business, Acromas Insurance Company Limited (AICL).
Key details of the agreement:
Ageas will pay £65 million as base consideration for AICL, with an additional £2.5 million payable after the Operational Readiness Date.
The partnership is expected to go live in Q4 2025.
Completion of the AICL sale is anticipated in Q2 2025, subject to regulatory approvals.
The deal aligns with Ageas’s Elevate27 strategy, focusing on the over-50s market segment.
Mike Hazell, Saga’s Group CEO, stated that this partnership leverages the strength of the Saga brand and customer base, combined with Ageas’s UK insurance expertise.
Ant Middle, CEO of Ageas UK, expressed excitement about the opportunities this collaboration brings, emphasizing the potential to serve the growing over-50s customer segment more effectively.
This agreement is part of Saga’s strategy to optimize its position in the insurance market, drive growth, reduce debt, and enhance long-term value for shareholders.
Saga plc claims to be the UK specialist provider of products and services to people aged over 50.
Ageas is a listed international insurance Group with a heritage spanning 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs and is also engaged in reinsurance activities.
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© Copyright 2024 – Eurasia Business News. Article no. 1337.
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