Saga in talks with Belgium's Ageas for insurance partnership, Sky News reports
Oct 1 (Reuters) -British holiday group Saga SAGA.L is in talks with Belgium-based insurer Ageas AGES.BR regarding a long-term partnership arrangement for its insurance division, Sky News reported on Tuesday.
As part of the proposed deal, Ageas would make an up-front payment to Saga, followed by a series of commission payments in exchange for managing certain segments of the London-listed company's insurance operations, the report said.
The exact amount of those payments was unclear and a final agreement has yet to be reached, the report added.
Saga and Ageas declined to comment on the report.
The British company, specializing in holidays and insurance for over-50s, which appointed a new CEO last year, has been struggling with its insurance business.
In March last year, the company attempted to sell its insurance underwriting division but suspended the sale process shortly after ending talks with Australia's Open Insurance Technologies.
Saga has been implementing cost-cutting measures, including reducing its workforce, in an effort to manage its significant debt.
Reporting by Surbhi Misra in Bengaluru; Editing by Mohammed Safi Shamsi
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