Source: This is Money
Saga shares jumped on Monday after the over-50s specialist revealed a two-decade partnership with Belgian insurance giant Ageas. The agreement will see Ageas operate Saga’s home and motor insurance products, including its claims, pricing, underwriting, and price-comparison website activities.
Saga will oversee its branding and direct marketing and earn commission based on a percentage of the gross written premiums generated. Ageas will pay the firm £80million upfront, dependent on publishing its interim 2025 accounts without ‘material uncertainty or an auditor qualification’ and the extension or refinancing of a corporate bond maturing in July 2026. The Belgian insurance giant will hand Saga up to £30million extra in both 2026 and 2032 if it meets specific policy volume and profit targets.
Ageas has also agreed to acquire Saga’s Acromas insurance underwriting business for £65million.
Read the full article: https://www.thisismoney.co.uk/money/markets/article-14196947/Saga-agrees-year-partnership-Belgian-insurance-giant-Ageas.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
