Saga Announces Change in Insurance Segment Leadership
Why we think this is neutral
The RNS announcement regarding the change in the Insurance segment leadership role at Saga plc is a routine regulatory update without any major strategic implications for the business. The change in the CEO of Insurance position, with Lloyd East taking over from Steve Kingshott, who will now assume a specialist adviser role, is not expected to have a significant impact on the company's overall performance. The positive broker target update from Deutsche Bank, with a reiteration of the 'Buy' recommendation and an increased price target, suggests the market sees potential upside in Saga's shares despite this management change.
Key Points
- Steve Kingshott stepping down as CEO of Insurance segment
- Lloyd East, current COO of Insurance, to take over as CEO of Insurance
- Steve Kingshott to become a specialist adviser for Saga's Insurance Broking partnership with Ageas
- Steve Kingshott to remain an Executive Director of Saga plc
Summary
Saga plc, the UK's specialist in products and services for people over 50, has announced that Steve Kingshott will be stepping down from his role as the Chief Executive Officer (CEO) of the Insurance segment, effective 12 February 2025. He will be assuming the role of a specialist adviser, advising on the delivery and implementation of the 20-year partnership with Ageas for Saga's motor and home Insurance Broking business. The CEO of Insurance role will be filled by Lloyd East, currently the Chief Operating Officer of Insurance, subject to regulatory approval. Steve Kingshott will remain an Executive Director of Saga plc.