Saga Insurance CEO Cheryl Agius steps down

Group chief executive Euan Sutherland will assume the responsibilities of interim CEO of Saga Insurance until a suitable replacement is appointed. The company said the search for a successor has begun and is expected to take several months to complete.

Sutherland said: "Our insurance business has performed resiliently under Cheryl's leadership despite challenging market conditions and she departs with the business well placed to deliver on the opportunities we have identified as part of our new strategy. I'd like to thank Cheryl for her contribution to Saga and wish her well for the future."

Broker Peel Hunt said this was "disappointing" news as the insurance business, which includes Saga’s insurance broker and underwriter, is currently the main contributor to the group’s cash flow as the travel division awaits the lifting of cruising restrictions in the spring.

"We believe this will not entail a change of strategic direction for Saga Insurance in the short term, with CEO Euan Sutherland taking on the role ad-interim and Saga’s CFO, James Quinn, having considerable experience in the insurance sector," it said.

"Saga’s Insurance business has recovered and has shown some modest growth momentum recently under Agius’ leadership. Strategically we believe Saga’s insurance broking business is core but the insurance underwriter fits better with a third party; perhaps a new insurance CEO may take a fresh look at the strategic direction in due course."