Stockbridge will now provide services to Global Premium Holdings group, which is a part of Embignell group.
Previously announced on 9 October 2020, the sale is set to simplify the insurance firm’s business profile.
The life insurance firm is planning to actively manage its portfolio of businesses, allocating capital to those businesses with a greater potential for an attractive return on capital, and where the firm is best positioned for growth.
Under the terms of the agreement, Aegon sold the accident insurance provider for a consideration equivalent to approximately £60m.
This also consisted of the purchase price and dividends related to the transaction, and did not include a contingent consideration of £10m.
The transaction is not set to have a material impact on Aegon’s capital position and results, according to the group.