South African financial services group Sage (SGG) threw out a lifeline to its Bermuda-registered life insurance subsidiary just days after saying it would put the business into run-off.

Sage, which suspended its international marketing and underwriting activities in the United States with effect from January 1, said it would continue its Bermuda-based activities for now. Last month Sage said that its international marketing and underwriting activities in the US and Bermuda would be suspended on January 1 if additional sources of capital necessary to support sales momentum and infrastructure were not secured by that date. Sage said that interest had been expressed by financial groups regarding the acquisition or investment into one or both the operations.