Ageas and Saga tie up insurance partnership

The transactions include a 20-year partnership with Saga’s insurance broking business Services Limited (SSL) for the distribution of personal lines motor and home insurance products to Saga’s customers (the Affinity Partnership). Alongside this, Ageas has also reached an agreement to acquire Saga’s insurance underwriting business, Acromas Insurance Company Limited.

Both companies have long histories of serving consumers. Saga was created more than 70 years ago and offers a range of leisure and financial services to customers, while Ageas is a listed international insurance group with a heritage spanning 200 years. It offers retail and business customers a range of insurance products.

Philip Jarvis A&O Shearman partner and insurance group lead said: “We were able to bring together a team drawn from multiple specialist areas to provide a seamless service across practice areas to deliver on this complex strategic transaction within a challenging timeframe. The transaction reflects A&O Shearman’s strength and expertise in the insurance market and expertise across a wide range of practice areas.”

The A&O Shearman team included partners, Philip Jarvis and Kate McInerney, insurance; senior associate Lewis Weaver, M&A; partner Jane Finlayson-Brown, and counsel, Alexandra Wyles, data, IP, outsourcing and commercial contracts among others.