Saga announces board reshuffle as two members step down after Ageas deal

Specialist insurer Saga has announced that Sir Peter Bazalgette and Steve Kingshott have stepped down from its board.

Bazalgette served as a senior independent director, while Kingshott held the role of executive director.

Both are stepping down from the board with effect from today (9 April 2024).

As a result of these moves, Gareth Hoskin will become senior independent director, chair of the nomination committee and a member of the remuneration committee.

Julie Hopes, meanwhile, has been appointed as a member of the nomination committee. These changes also take effect from today.

Sir Roger De Haan, non-executive chairman at Saga, said: “I would like to thank Bazalgette and Kingshott for all their hard work over the past years and the significant contributions they have each made.

“Their expertise in their respective fields of media and insurance have proven invaluable as we have reshaped Saga, positioning it for growth. We wish them well in their future endeavours.”

Ageas deal

The reshuffle comes after Ageas confirmed in December 2024 that its 20-year proposed partnership with Saga – including the acquisition of underwriting business Acromas Insurance Company (AICL) – had been formally agreed by both parties.

The firms expect the agreed partnership to go live in Q4 2025, with the acquisition also expected to conclude this year.

For Ant Middle, chief executive at Ageas UK, the arrangement with Saga “marks an important milestone in the development of Ageas UK”.

He continued: “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.”