Saga in talks with Australia's Open Insurance over sale of underwriting arm

Saga confirmed on Friday that it is in exclusive discussions with Open Insurance Technologies over the potential sale of its underwriting business, Acromas Insurance Company limited (AICL).

In a very brief statement responding to media speculation, Saga said: "Discussions are ongoing and there can be no certainty that any transaction will occur.

"Any disposal of AICL would require regulatory and shareholder approvals."

It said a further announcement will be made in due course.

Earlier, Sky News reported that Open, an Australian insurance group, was in pole position to buy the business from Saga.