Aegon, a provider of life insurance, pensions and asset management, has announced the sale of Stonebridge, a UK-based provider of accident insurance products, for £60 million.
The acquirer is London-headquartered Global Premium Holdings group, a subsidiary of Embignell group that provides a range of accident and sickness insurance policies.
Stonebridge is a direct-to-consumer insurer specialising in accidental death and hospitalisation products and has been closed for new business.
The sale is expected to be completed by the end of 2020.
Aegon says the transaction will further simplify its business profile, but have no impact on core business in the UK.
The £60 million acquisition figure includes the purchase price and dividends related to the transaction, and exclude a contingent consideration of up to £10 million.
The proceeds are equal to one times Stonebridge’s Solvency II Own Funds at year-end 2019.
The transaction is not expected to have a material impact on Aegon’s capital position and results.