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Ageas to Acquire Saga’s Insurance Underwriting Business in $186M Deal

Ageas to Acquire Saga’s Insurance Underwriting Business in $186M Deal

This move aligns with Ageas’ Elevate27 strategy, which focuses on strengthening its non-life insurance presence in Europe and catering to the needs of the ageing population.

December 18, 2024

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Ageas to Acquire Saga’s Insurance Underwriting Business in $186M Deal

Ageas has announced plans to acquire Saga’s insurance underwriting business and enter into a 20-year partnership with the UK insurer in a deal valued at $186.1 million (€177.41 million).

First reported in October, the agreement includes a collaboration with Saga Services Limited (SSL) to distribute Motor and Home insurance products to Saga’s UK customers. This partnership is expected to launch in Q4 2025.

This move aligns with Ageas’ Elevate27 strategy, which focuses on strengthening its non-life insurance presence in Europe and catering to the needs of the ageing population. Alongside the partnership, Ageas UK will acquire Saga’s underwriting business, Acromas Insurance Company Limited (AICL), enhancing its position in the personal lines insurance market in the UK.

The transaction is subject to regulatory approvals. Ant Middle, CEO of Ageas UK, described the agreement as a key milestone in the company’s growth. “This partnership combines our strengths to better serve the over-50s customer segment. I am confident it will drive innovation and competitiveness, benefitting all stakeholders,” he said.

Ageas is a global provider of life and non-life insurance products for retail and business customers. The company operates through subsidiaries and long-term partnerships across Belgium, the UK, Portugal, Asia, and other markets.

OAK Re Partners with Moody’s to Enhance Underwriting with Intelligent Risk Platform

Oak Reinsurance (OAK Re), a newly established global reinsurer operating under Lloyd’s Syndicate 2843, has announced a partnership with Moody’s to incorporate its Intelligent Risk Platform into underwriting operations starting January 1.

Through this collaboration, OAK Re will utilize Moody’s advanced risk tools, including Risk Modeler and ExposureIQ, to assess catastrophic risks such as cyber threats, terrorism, and climate change impacts.

In its first year, OAK Re aims to achieve $300 million in gross written premium (GWP), offering reinsurance solutions across property, cyber, terrorism, and innovative transition-focused sectors.

This partnership aligns with OAK Re’s strategy to deliver data-driven insights to clients across its product lines. Moody’s open modeling framework, developed with Nasdaq, provides OAK Re access to a range of risk perspectives through a scalable platform.

Cathal Carr, CEO of OAK Re, emphasized the benefits of Moody’s cloud-based risk solutions, stating, “Moody’s portfolio of models and analytics enhances our underwriting expertise, enabling us to evolve and deepen our risk understanding. Their flexible and scalable solutions support our growth ambitions.”

Daniel Flemington, managing director of insurance solutions at Moody’s, highlighted the collaboration’s focus on sustainable and resilient underwriting practices. He noted that Moody’s cloud-based platform allows businesses like OAK Re to access sophisticated risk modeling, scale operations, and adopt new solutions without the limitations of legacy systems.

Moody’s Intelligent Risk Platform supports a wide range of peril assessments, enabling OAK Re to adapt its operations to changing market conditions and client needs. The partnership positions OAK Re as a forward-looking reinsurer leveraging cutting-edge risk analytics.

Gallagher’s Operations Leader Hannah Fry Takes on COO Role at Pen Underwriting

Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has announced the appointment of Hannah Fry as Chief Operating Officer, effective January 6, 2025. Fry will join the executive team of the specialist underwriting and distribution business, which operates across multiple classes and territories.

In her new role, Fry will oversee Pen’s operational capabilities, ensuring the business remains flexible and scalable to support its strategic vision and ambitious growth goals.

Tom Downey, CEO of Pen Underwriting, expressed excitement about Fry’s appointment, calling it a pivotal role for the company. “We are thrilled to welcome Hannah to Pen and our Executive team in the new year. Her extensive experience in risk, compliance, and operations, combined with her energy and drive, perfectly align with Pen’s culture and growth aspirations,” he said. “Hannah’s expertise will help deliver positive outcomes for customers, colleagues, and carriers across our operational priorities.”

Fry brings 25 years of experience in the insurance industry to her new position. She most recently served as Operations Director for SME and Personal Lines (UK Retail) at Gallagher, following the acquisition of Stackhouse Poland in 2019. During her 18-year tenure at Stackhouse, she held senior roles, including Director of Risk, Compliance, and Central Operations.

Commenting on her new role, Fry said, “It’s an incredibly exciting time to join Pen as it approaches its £1bn GWP goal and focuses on the next phase of strategic growth. I’m thrilled to join such a passionate and high-performing team, and I look forward to building on the operational foundations to support future growth while embracing the challenges and opportunities ahead.” Pen Underwriting continues to invest in talent and infrastructure as it progresses toward becoming a leading specialist underwriting business.