Saga confirms talks for potential sale of Acromas insurance unit

The specialist provider of products and services to those over 50, Saga, confirmed media reports that it was in talks to potentially sell its Acromas Insurance Company Limited business with a view to reducing its debt pile.

Its board had "concluded that a potential disposal of its Underwriting business is consistent with Group strategy and would crystalise value and enhance long-term returns for shareholders."

Saga also said that it had reviewed the options available to optimise its operational and strategic position in the insurance space as it transitions to a capital-light business and looked to cut debt.

"Discussions are ongoing and there can be no certainty that any transaction will occur," it added.

"Any disposal of AICL would require regulatory and shareholder approvals. A further announcement will be made in due course."