Home » Saga ends talks with Australia’s Open without reaching agreement

Saga ends talks with Australia’s Open without reaching agreement

March 2 (Reuters) – Britain’s Saga plc (SAGA.L) said on Thursday exclusive talks with Australian insurance group Open about a potential sale of its underwriting arm had ended without an agreement.

In January, Saga, which sells cruise holidays as well as insurance to over 50-year-olds, said it was considering selling Acromas Insurance Co, the underwriting unit of its wider insurance division, to help pay down debt.

Saga’s insurance division – the largest business of the group – has been grappling with rising claims, which led to a half-year loss and a warning on full-year earnings in September.

The company said it still expected to report full year results in line with guidance given in January.

Shares of the firm were down 1.4% at 172 pence as of 0924 GMT.

Reporting by Chandini Monnappa in Bengaluru; Editing by Savio D’Souza and Nivedita Bhattacharjee

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