Ageas has entered exclusive negotiations with Saga on a 20-year affinity partnership and buying Acromas in a package worth up to £207.5m.
Partnership talks between the pair were first revealed at the start of the month.
Broking business Saga Services distributed over £479m of gross written premium across motor and home in the 12-months to the end of July.
As previously reported by Insurance Age, for the year ended 31 January underwriting business Acromas had an underlying loss before tax of £1.4m, swinging into the red after a £107m profit in the prior year. Gross underlying revenue rose 7.1% to £169.8m, as the combined operating
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