Aegon to divest Stonebridge
Aegon announces the sale of Stonebridge, a UK-based provider of accident insurance products. Total proceeds amount to approximately GBP 60 million (EUR 65 million).
Stonebridge is a direct to consumer insurer specializing in accidental death and hospitalization products that provides policies to around 200,000 customers across the United Kingdom, Germany, France, Spain, Italy, the Nordics and Ireland. Since 2014, Stonebridge has been closed for new business. The acquirer, Global Premium Holdings group, part of Embignell group, provides a range of accident and sickness insurance policies and is headquartered in London.
The intended transaction will further simplify Aegon's business profile. The sale of Stonebridge will have no impact on Aegon's core business in the United Kingdom, where it focuses on the provision of pensions, investment and protection services provided via intermediaries including employers and financial advisers.
The net proceeds of approximately GBP 60 million consist of the purchase price and dividends related to the transaction, and exclude a contingent consideration of up to GBP 10 million. The proceeds are equal to one times Stonebridge's Solvency II Own Funds at year-end 2019. The transaction will not have a material impact on Aegon's capital position and results. The divestment is subject to normal regulatory approvals for transactions of this nature, which is expected to be completed before the end of 2020.
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