Jan 23 (Reuters) – British holiday seasons group Saga Plc (SAGA.L) stated on Monday it was in conversations to market Acromas Insurance policies Co, the underwriting device of its wider insurance policies division, to support fork out down its debt.
Saga’s insurance plan division – the premier enterprise of the team – has been grappling with soaring statements, which led to a half-12 months reduction and a warning on whole-yr earnings in September.
Acromas presently underwrites about 25%-30% of Saga’s insurance plan enterprise, Saga said.
The underwriting business has been experiencing high ranges of promises inflation – at the moment around 13% – growing prices and hitting profitability.
Saga, which also sells cruise holidays, did not point out who it was in dialogue with or a probable advertising selling price.
The company’s internet credit card debt was 721.3 million pounds ($895.3 million) as of July 31.
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Reporting by Sinchita Mitra in Bengaluru Modifying by Rashmi Aich and Savio D’Souza
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