Saga PLC on Thursday said its discussions with Open Insurance Technologies Pty Ltd regarding the potential sale of Saga’s underwriting business Acromas Insurance Company Ltd have been terminated.

The Kent, UK-based over-50s travel operator said no agreement was reached with the Australian insurance-focused embedded finance company.

In February, Saga confirmed that it was in exclusive talks with Open Insurance, having announced that it was seeking buyers for its insurance arm in January, as it looks to bring down its debt. Saga previously noted that it expected the disposal of the company to be worth between £80 million and £90 million.

Acromas underwrites between 25% and 30% of Saga’s overall insurance offering to customers.

Saga shares were down 4.2% trading at 167.20 pence each on Thursday afternoon in London.

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