UK Insurer Saga Eyes £2.2bn London IPO Reuters

Britain's UK insurance giant Saga, which targets the wealthy over-50s, is planning to launch an IPO in London.

Saga said in a statement that it plans to list at least 25% of the company on the London Stock Exchange to raise £550m (€669m, $7.25m) to pay some its debt.

Retail investors will also be able to pay shares and this will contribute to the cutting the Saga's debt to around £700m.

In 2007, private equity firms Permira, Charterhouse, and CVC paid £6.3bn to acquire Saga along with the Automobile Association.

Saga's market is aimed at the over-50s and offers a range of services including cruise holidays and a dating agency.