February 12, 2018 / 7:18 AM / 6 months ago

BRIEF-Saga Says Ttrading Continues To Be In Line With Guidance

Feb 12 (Reuters) - Saga Plc:

* NEW 80% QUOTA SHARE AGREEMENT WITH NEWRE AND HANNOVER RE​

* QUOTA SHARE ‍COVER 80% OF UNDERWRITING RISK OF MOTOR POLICIES OF GROUP’S IN-HOUSE UNDERWRITER, AICL, TO TAKE EFFECT FROM 1 FEBRUARY 2019​

* ‍NEW QUOTA SHARE AGREEMENT ADDS HANNOVER RE TO OUR CURRENT REINSURANCE PARTNER NEWRE​

* DEAL ‍REPLACES OUR EXISTING QUOTA SHARE ARRANGEMENT WHICH IS DUE TO EXPIRE ON 31 JANUARY 2019​

* ‍NEW AGREEMENT PROVIDES THREE YEARS OF COVER ON A ROLLING BASIS​

* ‍TRADING CONTINUES TO BE IN LINE WITH GUIDANCE GIVEN IN DECEMBER 2017​

* DEAL ‍CONTINUES TO REDUCE SAGA’S EXPOSURE TO UNDERWRITING RISK WHICH ALLOWS GROUP TO MAINTAIN ITS EFFICIENT CAPITAL STRUCTURE​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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