Saga has gone back to the drawing board for a sale of its underwriting business after exclusive talks with an Australian insurance group for a deal estimated at £90 million fell apart.
The provider of cruises and financial services to 2.7 million over-50s said that discussions regarding a possible sale of Acromas Insurance Company to Open Insurance Technologies had “terminated without an agreement being reached”.
Analysts said the collapse in negotiations did not mean a sale would not happen, with one suggesting that Saga could ask Numis, its adviser on the divestiture, to go back to the underbidders and assess their interest.
Saga said it would be announcing its full-year results in a month’s time and it reassured shareholders that they were expected to be
