Saga to Secure £207 Million from Insurance Deal with Ageas

Saga enters exclusive negotiations with Ageas to sell its insurance underwriting business and form a 20-year broking partnership.

Saga plans to sell its insurance underwriting business to Belgian insurer Ageas for £67.5 million.
The deal includes a 20-year partnership for Ageas to manage Saga's motor and home insurance broking business.
Saga is set to receive £80 million upfront, with potential additional payments of up to £60 million based on performance targets.
Saga aims to use the proceeds to reduce its £615 million debt burden and focus on growth in its cruise and travel divisions.
Ageas seeks to expand its presence in the UK insurance market, aligning with its strategy to grow in personal lines and partnerships.