-British holidays group Saga Plc stated on Monday it was in discussions to promote Acromas Insurance coverage Co, the underwriting unit of its wider insurance coverage division, to assist pay down its debt.
Saga’s insurance coverage division – the biggest enterprise of the group – has been grappling with rising claims, which led to a half-year loss and a warning on full-year earnings in September.
Acromas presently underwrites about 25%-30% of Saga’s insurance coverage enterprise, Saga stated.
The underwriting enterprise has been experiencing excessive ranges of claims inflation – presently round 13% – rising prices and hitting profitability.
Saga, which additionally sells cruise holidays, didn't point out who it was in dialogue with or a possible promoting worth.
The corporate’s internet debt was 721.3 million kilos ($895.3 million) as of July 31. ($1 = 0.8057 kilos)
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