Ageas to acquire Saga’s underwriting business

Written by Michael Griffiths

19/12/2024

Belgian insurer Ageas has agreed a deal with UK-based insurance group, Saga, which will see Ageas UK acquire Saga’s insurance underwriting business.

Completion for Saga’s business, known as Acromas Insurance Company Limited (AICL), remains conditional on regulatory approvals.

The agreement between the pair will also include the establishment of a 20-year partnership between Ageas UK and Saga Services Limited (SSL) for distributing personal lines motor and home insurance products to Saga’s customers in the UK.

Ageas CEO, Hans De Cuyper, said: “We anticipate advancing our partnership to benefit both companies and the customer. This deal perfectly aligns with the Ageas Group's recently launched Elevate27 strategy, which aims to leverage our strong European presence in non-life, increase our business scale, and benefit from capital diversification.”

CEO of Ageas UK, Ant Middle, added: “This agreement marks an important milestone in the development of Ageas UK and we are excited about the opportunities this partnership brings.

“Our combined strengths will enable us to serve the growing over-50s customer segment even more effectively, and I am confident that this collaboration will drive increased innovation and competitiveness, benefiting all our stakeholders.”

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