SAGA PLC Termination of discussions with Open Insurance (6688R)
02 Mars 2023 - 10:10AM
UK Regulatory
TIDMSAGA
RNS Number : 6688R
SAGA PLC
02 March 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
2 March 2023
Saga plc
Termination of discussions with Open Insurance
Saga plc (Saga or the Group) notes that discussions regarding a
possible sale of the Group's underwriting business, Acromas
Insurance Company Limited, to Open Insurance Technologies Pty Ltd
have terminated without an agreement being reached. Saga will
announce its full year results, which are expected to be in line
with the update provided on 24 January, on 4 April 2023.
Enquiries:
Saga plc
Emily Roalfe, Head of Investor Relations and Treasury +44 (0)
7732 093 007
Headland Consultancy
Susanna Voyle +44 (0) 203 805 4822
Will Smith
Numis
Luke Bordewich +44 (0) 207 260 1000
Charles Farquhar
Giles Rolls
Notes to Editors:
Saga is a specialist in the provision of products and services
for people over 50. The Saga brand is one of the most recognised
and trusted brands in the UK and is known for its high level of
customer service and its high quality, award-winning products and
services including cruises and holidays, insurance, personal
finance and
publishing. www.saga.co.uk
Saga Insurance is the UK's specialist in insurance products for
people over 50 in the UK, comprising Retail Broking, which includes
principally motor, home, private medical and travel insurance and
AICL, the Group's in-house underwriter. AICL sits on Saga
Insurance's panel of insurers and underwrites approximately 25-30%
of Saga's insurance business.
Further information
Numis Securities Limited (Numis), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting as Financial Adviser exclusively for Saga and no one else
in connection with the matters set out in this announcement and
will not regard any other person as its client in relation to the
matters in this announcement and will not be responsible to anyone
other than Saga for providing the protections afforded to clients
of Numis, nor for providing advice in relation to any matter
referred to herein.
This announcement is not intended to and does not constitute an
offer to sell or the solicitation of an offer to subscribe for or
buy or an invitation to purchase or subscribe for any securities or
the solicitation of any vote in any jurisdiction.
The release, publication or distribution of this announcement in
jurisdictions outside the United Kingdom may be restricted by law
and therefore persons into whose possession this announcement comes
should inform themselves about and observe such restrictions. Any
failure to comply with such restrictions may constitute a violation
of the securities law of any such jurisdiction.
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END
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March 02, 2023 04:10 ET (09:10 GMT)
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