The well-known Bennetts Insurance company that operates in the UK and is owned by Saga is now up for sale. This news comes after the interim results for the company came in. The Evening Standard reported that the company was up for sale. In case you don’t know what Saga is, it’s an over-50s insurance and travel specialist. It currently owns Bennetts Insurance.
Saga originally bought Bennetts in 2015 from BGL. The sale seemed to make sense at the time because the company could cross-sell its customers motorcycle insurance. Now, however, it’s not looking like such a good deal because Saga could have to sell Bennetts for less than it paid for it.
Saga paid £26.6 million (about $33 million) in 2015 for the company. The Evening Standard says that many estimates place the value of the company slightly lower than that purchase price. This means Saga won’t get totally hosed on the deal, but it will likely lose money.
It will be interesting to see what happens with the insurance company. I’ll do my best to keep up to date on this story.