The Saga Insurance chief exec had only been in the role for a year

Saga Insurance boss Cheryl Agius has stepped down for ’personal reasons’, the company announced on Tuesday.

Group chief executive Euan Sutherland will step in to her role on an interim basis, it added.

Agius has been in the role for a year after joining from L&G where she headed general insurance.

Saga is no hunting for a replacement for Agius, with the search expected to take several months.

Commenting on Agius’ sudden departure, Sutherland said: “Our Insurance business has performed resiliently under Cheryl’s leadership despite challenging market conditions and she departs with the business well placed to deliver on the opportunities we have identified as part of our new strategy. 

”I’d like to thank Cheryl for her contribution to Saga and wish her well for the future.” 

Saga group chairman Roger De Haan said: ’’I would like to thank Cheryl for her work and commitment and wish her well for the future.

”We are focused on finding the right individual to replace Cheryl and to continue to drive our Insurance business forward for our customers.

”Until this appointment is made, Euan and the management team continue to implement our transformation strategy.”