Saga reports stable broking results as it pushes on with Acromas sale

Sale spelled out on keyboard

Saga is targeting the sale of its underwriting business, Acromas Insurance, in the second half of this year – but arranged a loan in case a deal does not go through.

Exclusive talks with Australian insurtech Open Insurance Technologies to sell the group’s in-house underwriter broke down last month.

According to the over-50s specialist, if there is no disposal then as of 1 January 2024 it will be able tap into a £50m loan from founder and ex-chief executive Sir Roger De Haan, who invested in the business again in 2020.

Premiums

The news came as the firm reported gross written premiums in broking of £563.1m for the year ended 31 January 2023, inline with

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

GIC completes Miller deal

Institutional investor GIC has completed the takeover of Miller, buying out previous co-investor private equity house Cinven.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: