International insurance group Ageas has announced the successful conclusion of exclusive negotiations with Saga plc, a UK specialist provider of products and services to people aged over 50, for Ageas UK to acquire Saga’s insurance underwriting business, Acromas Insurance Company Limited (AICL).
The negotiations, which began on October 11, 2024, also include a 20-year partnership between Ageas UK and Saga Services Limited (SSL). This partnership will focus on distributing Motor and Home insurance to Saga’s UK customers and is expected to launch in the fourth quarter of 2025.
Hans De Cuyper, CEO of Ageas, said, “We are very pleased to announce the signing of the agreement with Saga. We anticipate advancing our partnership to benefit both companies and the customer. This deal perfectly aligns with the Ageas Group’s recently launched Elevate27 strategy, which aims to leverage our strong European presence in Non-Life, increase our business scale, and benefit from capital diversification.”
Ant Middle, CEO of Ageas UK, added, “This agreement marks an important milestone in the development of Ageas UK and 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.
“In particular, I would like to extend my thanks to the management team at Saga for their dedication and collaboration throughout this process.”
