Insurance company Aegon announced on Tuesday it is selling its British subsidiary Guardian to the European risk investors Cinven for €312m.

Guardian manages 300,000 life insurance policies in Britain but has not been selling new policies since 2001.
‘We came to the conclusion that managing Guardian’s closed book no longer fitted into our strategic goals,’ FCO Jan Nooitgedagt said in a statement.
The sale is expected to be finalised by the end of 2011.