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Saga to cover 75% risk of in-house underwriter's motor policies

Saga Plcsaid March 30 that it signed a quota-share arrangement to cover 75% of the riskof the motor policies of its in-house underwriter, AICL, from Feb. 1.

The sole reinsurer agreement is with Munich Re unit NewRe. The initial arrangement is for threeyears, with the option to extend the deal on the same terms for a further threeyears.

Saga said that the quota-share agreement will significantly reduceits exposure to underwriting risk and will lead to a phased withdrawal of capitalfrom its underwriter.