It comes after Ageas abandoned its pursuit of Direct Line Group (DLG) earlier this year
UK travel provider Saga has revealed that it is in negotiations with Belgian insurer Ageas about a potential insurance deal.
In a short statement released on Wednesday (2 October 2024), Saga said it was in discussions over a partnership arrangement for its insurance business.
“There can be no certainty that any partnership agreement will occur,” the firm said.
“A further announcement will be made in due course, as appropriate.”
It came after a report yesterday (1 October 2024) from Sky News announced the potential deal.
According to the publication, should such a deal go through, Ageas “would make an up-front payment to Saga, with a series of subsequent commission payments, in return for taking over the running of parts of the British company’s insurance operations”.
It also said the deal would allow Saga to pay down debt and shift to a new operating model.
DLG pursuit
This comes after Ageas abandoned its pursuit of Direct Line Group (DLG) earlier this year.
Read: Ageas confirms possible offer to acquire DLG in deal valued more than £3bn
Read: DLG announces Winslow priorities as ex-Aviva UKGI boss officially joins insurer
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Ageas announced a possible £3.1bn bid on 28 February 2024 before improving the terms of this on 13 March 2024.
Both proposals were rejected by DLG.
Ageas has said it would walk away from the deal, with the firm “not able to identify additional elements based on publicly available information that would justify significant adjustments to the terms of its possible offer”.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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