By Elena Vardon

Saga PLC on Monday said it is in discussions to sell its underwriting business to reduce its debt.
The U.K. company, a provider of specialized products for consumers over the age of 50, said it is looking to sell Acromas Insurance Company Ltd., which currently underwrites around 25% to 30% of its insurance business.

“[The board] has concluded that a potential disposal of its Underwriting business is consistent with group strategy and would crystallize value and enhance long-term returns for shareholders,” the company said.
There can be no certainty any transaction will take place, and any sale would need approval from shareholders and regulators, it said.
The company was responding to media coverage from The Times of London. On Sunday, the newspaper reported Saga was looking for buyers for its in-house insurance business to raise up to 90 million pounds ($111.5 million) to pay down its debt.
Write to Elena Vardon at elena.vardon@wsj.com