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Saga Enters Into New Quota Share Arrangement With NewRe, Hannover Re

Saga plc (SAGA.L) Monday said it has entered into a new quota share arrangement with NewRe and Hannover Re to cover 80 percent of the underwriting risk of motor policies of the Group's in-house underwriter, AICL, to take effect from February 1, 2019. The new agreement provides three years of cover on a rolling basis.

Saga said, the increase of the quota share arrangement from 75 to 80 percent share is in line with its overall strategy and further reduces its exposure to underwriting risk.
The new quota share agreement adds Hannover Re to Saga's current reinsurance partner NewRe, and replaces existing quota share arrangement which is due to expire on January 31, 2019.

by RTT Staff Writer

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