Saga’s exclusive Acromas sale talks collapse

London Stock Exchange

Talks between Saga and Australian insurtech Open Insurance Technologies to sell underwriting business Acromas Insurance have ended without a deal, the over-50s specialist has confirmed.

In a London Stock Exchange announcement on Thursday (2 March) Saga revealed the “termination” of the discussions but did not elaborate on why the sale had broken down nor the next steps.

Saga first confirmed the talks to sell Acromas on 23 January updating on 10 February that it was in “exclusive” negotiations with Open.

Sydney-headquartered Open, which specialises in white label and embedded insurance, was named as Australia’s seventh fastest growing company in the Fast 100 List for 2021.

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Broking profits fall at Saga

Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.

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