Saga
Founded in 1951, Saga spent its first 30 years focused on travel, before launching the Saga Magazine and developing home and motor insurance and financial services in the 1980s. Private medical and pet insurance followed in the 1990s, along with the launch of its own cruise ship operation. Today the insurance business including the broking business is the largest part of the Saga Group.
Saga features in the Insurance Age Top 75 UK Brokers listing. Find out what other companies made the cut.
People Moves: 22-26 August 2022
Keeping you up-to-date with the latest insurance moves.
Saga reports drop in broking GWP and profit
The group sold Bennetts in August 2020.
Saga takes pricing director from WTW
Graham Wright joins from Willis Towers Watson where he is currently a senior director.
Saga reports loss after tax of £3.1m
Interim results for H1 2021 highlight group loss but directors flag “robust” numbers as the business looks to recover from £57.1m loss in the same period last year.
Gary Duggan named Tesco Underwriting interim CEO
He replaces Steve Kingshott, who has taken on the Saga CEO position that Duggan vacated in 2020.
Saga appoints CEO
Steve Kingshott joins from Tesco Bank to replace Cheryl Agius who left in January.
Saga Insurance CEO exits
Group CEO Euan Sutherland takes over on an interim basis while the business searches for a replacement for Cheryl Agius, who is stepping down for personal reasons.
CMA forces Ardonagh to u-turn on £26m Bennetts buy
Ardonagh has proposed to reverse the deal and divest of the motor broker following the threat of an “expensive and burdensome” phase two competition probe.
Saga confirms £150m capital raise and investment from ex CEO Sir Roger De Haan
Business also posts pre-tax loss of £55.5m for the first six months of 2020.
Saga announces £150m equity capital raise
Former owner and CEO, Sir Roger De Haan, is expected to invest up to £100m in the business as he returns to the board as non-executive chairman.
FCA warns of Saga Services clone
Regulator says fraudsters are giving out details of the authorised company as part of their tactics to scam people in the UK.
Saga confirms 300 redundancies
The insurance and travel provider said the business had been hit by the Covid-19 pandemic.
CMA launches investigation into Ardonagh's Bennetts deal
The government body is seeking comments on the deal in order to decide whether it "may be expected to result in a substantial lessening of competition" in the market.
Saga profits drop ahead of expected Covid-19 hit
Broking, underwriting and travel profits all fell, as the group renegotiates its loans to accommodate for lengthy travel suspensions.
Bennetts deal to cost Ardonagh £26m
Motorcycle broker will join Autonet, Carole Nash and Swinton as part of Atlanta.
Saga looking at performance and cost efficiencies
Provider states 60% of new customers are choosing its three-year fixed price product as it publishes trading update for the last six months.
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Saga appoints former Superdry and Co-op boss as CEO
Euan Sutherland replaces Lance Batchelor who announced his retirement earlier this year.
Ex-Swinton boss Gilles Normand joins Saga amid insurance business restructure
Former Legal & General GI boss, Cheryl Agius, is set to take on CEO of insurance role as Saga reveals plans to bring together its insurance broking, underwriting and claims management businesses.
Insurers most at risk from FCA pricing review named by analyst
Analyst firm Peel Hunt highlighted Direct Line, RSA and Saga as particularly vulnerable.
Saga considering sale of Bennetts for second time, say reports
Reports suggest Saga is now under pressure from new investor Elliott Advisors.
Saga profits plummet in all operating areas
Underlying profit before tax fell 22.6% in retail broking and 53.3% in underwriting.
News analysis: Dual pricing debate rolls on
Brokers look at fixed pricing as research shows vulnerable customers affected more by loyalty penalty
Hedge fund takes stake in Saga
Elliot has invested in the insurance and travel provider.