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Sagga-ing


spygirl
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3 minutes ago, One percent said:

I’m embarrassed to say that as an over 50, their house insurance was way cheaper than anyone else. o.O

Thats because noone wants to rob your comfy slippers, tins of prunes and Peoples friend magazines....

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One percent
3 minutes ago, spygirl 🏆 said:

Thats because noone wants to rob your comfy slippers, tins of prunes and Peoples friend magazines....

Have you got a spy camera into my house?  o.O

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I never understand the need for all these insurers, the market is saturated. They are not underwriters, they are just brands that re-sell insurance (that they buy from an underwriter) and add on a mark-up. What's the benefit of paying, say, 10% more to get car insurance with the Post Office - the brand is shite, nobody wants to pay more for it now, when they can get the identical product for less money from Morethan. Same with SAGA.

A shame as if they go under Folkestone will be adversely affected but they should stick to selling cruises .

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I always thought Saga holidays were for old people to swap wives on cruise ships and talk about annuities and BUPA.

19 minutes ago, spunko said:

I never understand the need for all these insurers, the market is saturated. They are not underwriters, they are just brands that re-sell insurance

Seemingly so. I see a lot of insurance company ads that say 'Underwritten by UK Insurance PLC' on TV. 

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6 hours ago, spunko said:

I never understand the need for all these insurers, the market is saturated. They are not underwriters, they are just brands that re-sell insurance (that they buy from an underwriter) and add on a mark-up. What's the benefit of paying, say, 10% more to get car insurance with the Post Office - the brand is shite, nobody wants to pay more for it now, when they can get the identical product for less money from Morethan. Same with SAGA.

A shame as if they go under Folkestone will be adversely affected but they should stick to selling cruises .

On one level, insurance is very very attractive - you collect premiums and get to use them.

Of course, if you get your risk andor premium levels wrong then you are fucked. But until that day you can play th big swinging dick CEO, with your expensive salary and claims of being a genius and more efficient and a better investor and employye than your peers.

Same thing goes for lie insurers too - in a slightly different way.

A lof of smaller insurers operate a thin line between being optimistic and nothing more than long con.

 

 

 

 

8 hours ago, One percent said:

Have you got a spy camera into my house?  o.O

Just the shower room.

I do live streaming.

Its very popular with someone called [email protected] ...

 

 

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That has hit Saga’s shares. When private equity firms CVC, Permira and Charterhouse floated the business in 2014, the share price was 185p. On Friday, it was trading almost two-thirds below that price, at 67p.

All PE floats need to come with a buy back for 5 yearx.

Junk.

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On 05/04/2019 at 00:10, spunko said:

I never understand the need for all these insurers, the market is saturated. They are not underwriters, they are just brands that re-sell insurance (that they buy from an underwriter) and add on a mark-up. What's the benefit of paying, say, 10% more to get car insurance with the Post Office - the brand is shite, nobody wants to pay more for it now, when they can get the identical product for less money from Morethan. Same with SAGA.

A shame as if they go under Folkestone will be adversely affected but they should stick to selling cruises .

You are seeing it totally wrong - using sense when you need to using greed and stupidity.

Saga, for whatever reasons, has survived the years and become a wierd  company that sells stuff to over 50s.

PE buys this, as its got a cash flow and they can asset strip it.

Thy then float it, appoint a senior managerment t4eam, all on well paid slaries, who thne just milk wahtever left of the orgs credibility. In this case,theyve picked insruance, an area where theres fuck all profit and wafer thin margins.

Insruance also hovers around the long con.

However, Id guess they were just reselling other compnaies.

Its layer after layer of over paid CEOs running skimming operations.

 

 

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  • 3 weeks later...
On 04/04/2019 at 21:50, spygirl said:

40% down.

Brexit. Of course.

https://www.bbc.co.uk/news/business-47814202

Nothing to do with PE spinning it off and company managing to spin the bullshit for a few years.

 

Quote

Shares in Saga, the over-50s insurance and holiday specialist, dived almost 40% to hit a record low of 65p after it reported lower profits and warned that earnings would be hit next year.

I reckon its because we are starting to hit a generation with less  capital than the Boomers.

 

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One percent
3 minutes ago, No One said:

I reckon its because we are starting to hit a generation with less  capital than the Boomers.

 

Yep. I’m a few years behind the boomers. If I were a boomer, I would have been given a massive payoff and be retired by now, ploughing all that money into the economy. Sadly, the bastards pulled the ladder up. 

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1 hour ago, One percent said:

Yep. I’m a few years behind the boomers. If I were a boomer, I would have been given a massive payoff and be retired by now, ploughing all that money into the economy. Sadly, the bastards pulled the ladder up. 

You might be one.

As official as these things are, boomers are the 20 year cohort from 1945-1965.

The bulk of boomers were born in the 50s.

Take 55 as the mid point. Mr n Mrs Boom will be ~63 this year.

Mr n Mrs boomer 30 in 85, just as the 80s housing booms kicks off as fin dereg allows them to buy endowment mortgages, which are only cheap as the plan topay off capital uses totally made up numbers.

Getting towards end of 20/25 mortgage term in 2005 .. bail out as their endowments missed by 60% .. Weve done so well with property (no you havent you innumerate fuck) lets do this BTL thing ..... IO BTL boom kicks off.

 

 

 

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  • 1 month later...

Comment in SunTelegraph - Saga (and AA and Dbe) and PE.

How the PE just swapped equity with debt and flipped in on, only for company to fall.

Been saying that for years.

Saga closed 1st day off listing at 187.25p

36p today.

Halved since my post.

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  • 1 year later...
On 17/06/2019 at 16:02, spygirl said:

Comment in SunTelegraph - Saga (and AA and Dbe) and PE.

How the PE just swapped equity with debt and flipped in on, only for company to fall.

Been saying that for years.

Saga closed 1st day off listing at 187.25p

36p today.

Halved since my post.

13p today

https://www.ft.com/content/e257d258-7dab-4fa3-9a91-2435c297fcac

Sir Roger, the son of Saga’s founder Sidney De Haan, ran the business for 20 years before selling it to the private equity firm Charterhouse for £1.3bn in 2004. His stake, which under the plans would rise or fall depending on demand from existing shareholders, is likely to be between 20 and 30 per cent.

Quick look at balance sheet - 1.5bln of debt.

155m market cap.....

 

 

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I have a friend who works for their insurance arm.  Losing a lot of staff and the rest are mostly working from home (even if that is just sitting on an airbed in a spare room.)  Likely to shut several offices in East Kent.

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6 hours ago, Inigo said:

I have a friend who works for their insurance arm.  Losing a lot of staff and the rest are mostly working from home (even if that is just sitting on an airbed in a spare room.)  Likely to shut several offices in East Kent.

SAGA is /was company town thing, isnt it?

Folkestone.

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6 hours ago, Inigo said:

I have a friend who works for their insurance arm.  Losing a lot of staff and the rest are mostly working from home (even if that is just sitting on an airbed in a spare room.)  Likely to shut several offices in East Kent.

If it were just about  the insurance arm they would not be at 13p a share and a mere 150 million mark cap. this morning. Some clown CEO decided he wanted  big boys toys to play with about three years back and ordered two of the biggest cruiseliners in the world ever made entirely on finance...the Olympic and Titanic ( aka Spirit of Aventure and Discovery).

Basically sunk the company...600 million pounds of new cruiseliner on borrowed money against a Market cap of 150 million. Perilous is it not.

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52 minutes ago, spygirl said:

SAGA is /was company town thing, isnt it?

Folkestone.

Yes, mostly.  A couple of satellite offices a bit further out as well.

Nothing else much going on in Folkestone itself though, Saga was the only big employer.

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36 minutes ago, crashmonitor said:

If it were just about  the insurance arm they would not be at 13p a share and a mere 150 million mark cap. this morning. Some clown CEO decided he wanted  big boys toys to play with about three years back and ordered two of the biggest cruiseliners in the world ever made entirely on finance...the Olympic and Titanic ( aka Spirit of Aventure and Discovery).

Basically sunk the company...600 million pounds of new cruiseliner on borrowed money against a Market cap of 150 million. Perilous is it not.

Indeed.  Insurance arm seems no worse than any other insurance co, even had the unique selling point of only catering for oldies.

My parents cruise, a lot.  They had a preference for Saga boats, as they always have an on-board doctor and cater for the old and infirm.  My mum got thrown off some other cruise boat in Belgrade for having the temerity to have an episode of angina.

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