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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Saga Plc | LSE:SAGA | London | Ordinary Share | GB00BMX64W89 | ORD 15P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.40 | 1.34% | 105.80 | 106.60 | 107.20 | 110.60 | 105.00 | 107.20 | 818,696 | 16:35:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Retail Stores, Nec | 581.1M | -259.2M | -1.8401 | -0.58 | 150.16M |
From Apr 2019 to Apr 2024
TIDMSAGA
RNS Number : 5182E
SAGA PLC
12 February 2018
12 February 2018
Saga plc
New 80% quota share agreement with NewRe and Hannover Re
Saga plc ("Saga" or "the Group"), the UK's specialist in products and services for life after 50, announces that it has entered into a new quota share arrangement with NewRe and Hannover Re to cover 80% of the underwriting risk of motor policies of the Group's in-house underwriter, AICL, to take effect from 1 February 2019.
The new quota share agreement adds Hannover Re to our current reinsurance partner NewRe, and replaces our existing quota share arrangement which is due to expire on 31 January 2019. The new agreement provides three years of cover on a rolling basis.
The increase of our quota share arrangement from 75% to 80% share is in line with the Group's overall strategy and further reduces our exposure to underwriting risk. This will continue to support the withdrawal of capital from the underwriter.
Trading continues to be in line with the guidance given in December 2017 and Saga will announce its preliminary results on 12 April 2018.
Lance Batchelor, Chief Executive Officer, said:
"The new quota share arrangement and the addition of Hannover Re as a partner provides further evidence of the stability and high quality of our underwriting business.
The increase to 80% in the reinsured share of our in-house underwriter's motor policy risk continues to reduce Saga's exposure to underwriting risk which allows the Group to maintain its efficient capital structure."
END
Saga plc
Mark Watkins, Director of Investor Relations Tel: 07738 777 479
Email: mark.watkins@saga.co.uk
MHP
Tim Rowntree/Simon Hockridge/Reg Hoare Tel: 020 3128 8742
Email: saga@mhpc.com
Notes to editors
Saga is a specialist in the provision of products and services for life after 50. The Saga brand is one of the most recognised and trusted brands in the UK and is known for its high level of customer service and its high quality, award winning products and services including cruises and holidays, insurance, personal finance and publishing. www.saga.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUAPPUPRGBG
(END) Dow Jones Newswires
February 12, 2018 02:00 ET (07:00 GMT)
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