(Sharecast News) - Saga confirmed on Friday that it is in exclusive discussions with Open Insurance Technologies over the potential sale of its underwriting business, Acromas Insurance Company limited (AICL).
In a very brief statement responding to media speculation, Saga said: "Discussions are ongoing and there can be no certainty that any transaction will occur.
"Any disposal of AICL would require regulatory and shareholder approvals."
It said a further announcement will be made in due course.
Earlier, Sky News reported that Open, an Australian insurance group, was in pole position to buy the business from Saga.
Saga (SAGA)