Ageas Saga 20-year partnership and M&A binding agreement confirmed

Today, Ageas, a personal lines insurer, has officially confirmed a 20-year partnership with Saga, a specialist insurer. This agreement also includes the acquisition of Acromas Insurance Company (AICL) underwriting business. The negotiations between Ageas and Saga began on October 11, 2024, with the aim of providing motor and home insurance products for Saga’s UK customer base, which currently holds about 1.2 million live policies in the UK.

The 20-year partnership is expected to go live in Q4 2025 now that the deal is sealed. Additionally, Ageas UK is planning to acquire AICL, which is registered in Gibraltar and was established in 2003. The completion of this acquisition is subject to regulatory approvals, but the transaction worth £67.5m is anticipated to be finalized by quarter two next year.

Ageas UK’s Chief Executive, Ant Middle, sees this partnership with Saga as a significant milestone in the development of Ageas UK. He expressed his excitement about the collaboration, highlighting the combined strengths that will enhance their ability to serve the over 50s customer segment more effectively, driving innovation and competitiveness to benefit all stakeholders.

Hans De Cuyper, the CEO of Ageas Group, believes that this deal aligns perfectly with the company’s Elevate27 strategy, aiming to leverage their strong European presence in non-life insurance, increase business scale, and diversify capital. Similarly, Mike Hazell, the group chief executive at Saga, views this partnership as a step forward for Saga Insurance, leveraging the strength of Saga’s brand and customer base combined with Ageas’s UK insurance expertise to offer innovative products to customers in the over 50s insurance market.

Overall, this partnership marks a positive development for both companies, demonstrating progress towards long-term sustainable growth and benefiting all stakeholders involved.