June 12, 2019 / 6:32 AM / 7 days ago

UPDATE 1-Saga's top boss to retire amid insurance business revamp

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June 12 (Reuters) - Specialist tourism and insurance firm Saga Plc said on Wednesday Chief Executive Officer Lance Batchelor will retire in January after six years with the company.

“Over the coming months, I look forward to continuing to execute the new strategy in our insurance business,” Batchelor said.

Saga, which serves the over-50s, laid out plans earlier this year to strengthen its insurance business as it warned that margin pressure in the business could hit profit.

Those plans included offering home and motor policies with three-year fixed pricing and also cutting prices for renewals.

A process to hire a replacement for Batchelor has started, the company said. (Reporting by Yadarisa Shabong in Bengaluru Editing by Saumyadeb Chakrabarty)

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