Stonebridge International Insurance Ltd Company Profile and Insights

Stonebridge International Insurance Ltd is a company that understands the importance of international insurance. They offer a range of insurance products designed for individuals and companies with global interests.

Their expertise in international insurance allows them to provide tailored solutions for clients with diverse needs.

Stonebridge International Insurance Ltd has a long history of serving clients worldwide, with a presence in several countries.

Stonebridge International Insurance Ltd was founded in 1998 by Cornerstone International Holding Ltd. with its ultimate holding company being J.C. Penney Company as a pan-European insurance company.

The company's early years were marked by rapid growth, with Stonebridge becoming a leading provider of accident and health products.

In 2001, Dutch insurance company Aegon N.V. completed the purchase of J.C. Penney's Direct Marketing Services operations, including the UK Group containing Cornerstone International.

Stonebridge became part of AEGON Direct Marketing Services International and a member of the Aegon group of companies.

However, the company faced regulatory scrutiny in 2014, when it was fined £8.3 million by UK regulators over tactics employed by companies that had outsourced the sale of insurance policies to.

Stonebridge had provided telesales scripts that the regulator said did not provide clear, fair and balanced information.

The company had around 200,000 customers in the U.K., Germany, France, Spain, Italy, the Nordics, and Ireland before it was sold to Global Premium Holdings in 2020.

In October 2020, Aegon sold Stonebridge to Global Premium Holdings for £60 million, with the European business being moved to another member of the group.

As part of this sale, the operation of the business was taken over by Union Insurance Services, the trading name of Union Income Benefit Holdings Ltd.

Stonebridge has since refocused on its core business of health and accident cover in the UK.

For UK residents aged 18-69, the cover lasts for 12 months, providing a sense of security and peace of mind.

Stonebridge International Insurance Ltd was founded in 1998 by Cornerstone International Holding Ltd. as a pan-European insurance company.

The company was initially owned by J.C. Penney Company, which later sold its Direct Marketing Services operations to Aegon N.V. in 2001.

This acquisition made Stonebridge part of AEGON Direct Marketing Services International and a member of the Aegon group of companies.

In 2014, Stonebridge was fined £8.3 million by UK regulators over tactics employed by companies that sold its insurance policies using telesales scripts that didn't provide clear, fair, and balanced information.

Stonebridge had been closed for new business since 2014 and had around 200,000 customers in the U.K., Germany, France, Spain, Italy, the Nordics, and Ireland.

In October 2020, Aegon sold Stonebridge to Global Premium Holdings for £60 million, and the European business was moved to another member of the group.

The operation of the business was taken over by Union Insurance Services, the trading name of Union Income Benefit Holdings Ltd.

Stonebridge will now refocus back on its core business of health and accident cover in the UK, following Brexit.

Here are the key dates in Stonebridge's history:

The FCA fined Stonebridge International Insurance Limited £8,373,600 for poor sales practices. This fine is a result of Stonebridge targeting low and middle-income customers without college degrees or professional qualifications with its personal accident insurance products.

The FCA found that Stonebridge's telesales scripts did not provide clear, fair, and balanced information to customers. This is a clear breach of the FCA's requirements that firms treat customers fairly.

Stonebridge paid its business partners, including catalogue sales firms, online retailers, banks, and credit card companies, a percentage of the premiums for each policy sold. This practice raises concerns about the motivations behind sales practices.

The FCA has a statutory objective to secure appropriate protection for consumers. This objective is reflected in the fine imposed on Stonebridge for its poor sales practices.

Stonebridge has already paid redress worth £400,000 to affected customers in the UK. This is a small fraction of the total fine imposed on the company.