12 February 2018Insurance

UK's Saga strikes reinsurance deal with Hannover Re

Saga, a UK-based specialist insurer for life after 50, has entered into a new quota share arrangement with German insurer Hannover Re as well as with its current reinsurance partner NewRe, part of the Munich Re Group.

The new agreement will cover 80 percent of the underwriting risk of motor policies of the group's in-house underwriter AICL, to take effect from Feb.1, 2019, the company said in a Feb. 12 statement. It provides Saga with three years of cover on a rolling basis, with the current one expiring on Jan. 31, 2019.

Saga CEO Lance Batchelor, said: "The new quota share arrangement and the addition of Hannover Re as a partner provides further evidence of the stability and high quality of our underwriting business."

Saga stated that the increase of its quota share arrangement from 75 percent to 80 percent share is in line with the group's overall strategy and further reduces our exposure to underwriting risk. This will continue to support the withdrawal of capital from the underwriter.

"The increase to 80 percent in the reinsured share of our in-house underwriter's motor policy risk continues to reduce Saga's exposure to underwriting risk which allows the Group to maintain its efficient capital structure," Batchelor added.

Join us at Intelligent Automation in Insurance - London 2018.  Book by Feb 28th and you could save £300.

More of today's news

Berkshire Hathaway gets Dubai license; taps AIG/AXA execs

Former RSG MGA CEO resurfaces at Ascot/Ethos

StarStone launches crisis management unit with Antares/ArgoGlobal trio

M&A activity in re/insurance on the rise

Retakaful growth expectations disappoint

Sirius Group secures $300m credit facility

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
6 December 2017   Saga, a UK-based specialist insurer for life after 50, has seen its profits impacted by the collapse of Monarch Airlines.
Insurance
7 February 2018   Hannover Re has expanded the premium volume in traditional property/casualty (P&C) reinsurance by 12.7 percent, according to a Feb. 7 press release.
Insurance
19 February 2018   Saga, a UK-based specialist insurer for life after 50, has appointed former Zurich executive Patrick O’Sullivan as chairman with effect from 1 May 2018.