Demo Account   Live Account  

Newsroom

  • Share:

Saga confirms talks with Australia's Open over sale of underwriting division

By Scott Kanowsky 

Investing.com -- Saga (LON:SAGA) has said that it is in exclusive talks with Australia's Open Insurance Technologies over a potential sale of its underwriting business.

In a statement on Friday, the U.K. group that specializes in providing travel and financial services to over-50s confirmed earlier media reports that it was in negotiations with Open. It described discussions as ongoing, adding that any disposal of its Acromas Insurance Company division would require both regulatory and shareholder approval.

Shares in Saga gained more than 4% in early European trade, but remain lower by over 44% in the last one-year period.

According to Sky News, Open has been working to persuade investors to put forward capital to help fund the purchase.

The price of the deal could be worth up to £90 million (£1 = $1.2097), the Sunday Times newspaper previously reported, which would be roughly equal to Acromas' estimated net asset value of about £85M.

Saga stated in January that it has concluded that the sale of Acromas would help "crystalize value and enhance long-term returns for shareholders." Acromas currently underwrites about 25% to 30% of its total insurance operations.

 

Begin trading today! Create an account by completing our form

Privacy Notice

At One Financial Markets we are committed to safeguarding your privacy.

Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.

Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.

Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.

By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Back to top

English Footer

Office network

One Financial Markets is the trading name of Axi Financial Services (UK) Ltd, a company registered in England with company number 6050593. Axi Financial Services (UK) Ltd is authorised and regulated by the Financial Conduct Authority in the UK (under firm reference number 466201)

The information on this site is not directed at residents of the United States, Belgium, Poland or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

www.onefinancialmarkets.com is owned and operated by Axi Financial Services (UK) Ltd.

Award winning broker
We have been presented with a number of awards that recognise the quality of our service and dedication to our clients :

Best FSA Regulated Broker
Saudi Money Expo

Best Education Product
Saudi Money Expo

Best Broker - Online Trading
IAIR Awards

Best Institutional Broker
Saudi Money Expo

Best FX Services Broker
CN Forex

Top International
FX Broker 2015
Saudi Money Expo

Broker of the Year
Online Trading – Middle East
IAIR Awards

Best Forex
Customer Service 2018
JFEX Awards

We accept the following payment methods:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.