Company says it is on track to launch motor insurer panel in the summer
Over-50s insurance provider Saga has received FCA approval to acquire motorbike broker Bennetts.
The company announced in a trading update this morning that the acquisition is “progressing towards completion”, following regulatory approval,
Saga announced in January that it was buying Bennett’s from BGL for £26.26m.
Saga also announced in its trading update that its planned insurer panel for its motor business is on track to launch this summer.
The company currently underwrites its own motor business. It will continue to do so once the panel is launched, but the panel will take on business that falls outside Saga’s underwriting appetite.
It already has an insurer panel for its home business.
In addition, Saga announced that, after a 16-month handover to current chief executive Lance Batchelor, former chief executive Andrew Goodsell will become non-executive chairman of the company on 1 July.
Batchelor said: “We have started the year well, with strong trading across all business divisions. This performance is in line with our expectations and we remain on track to deliver on our growth target for the year.”