Saga are on of the UK’s largest insurance providers so it is big news that they are allegedly set to float on the London stock exchange.
They have built their reputation on the back of levels of excellence in customer service and providing cover only for the over 50’s and have gone from strength to strength.
Saga is not just an insurance provider but more a lifestyle choice. In fact they provide everything from holidays , car insurance, house insurance, travel insurance, lifestyle policies as well as the Saga magazine.
Saga also operates their own charitable fund which donates to causes such as support for carers, respite and supporting projects that deliver health and welfare benefits, and by providing the skills and opportunities for communities to become self sufficient and ultimately to help break the cycle of poverty. ( information taken from saga website)
Flotation is nothing new with many large companies seeing the floatation as a way of funding future investment.
A Saga three billion stock market listing would however mark the break up of Acromas.
Acromas was founded in 2007 with private equity backing. This involved Saga the already established brand merging with one of the nations favourites the AA Road Side assistance and the AA insurance broker.
The Saga / AA/ Acromas business as a whole is a massive operation with not only Saga but the AA road side assistance now regarded as the UK’s fifth emergence service so the break up is a major step and will have far reaching effects in the insurance world.
The financial Times is reported to have quoted reliable sources such as Acromas’s own private equity backers Permia, CVC and Charterhouse. Who are allegedly been appointed as advisors for the flotation.