Stamford-based Affinion Group LLC has announced the sale of its insurance division, Affinion Insurance Solutions (AIS), to an affiliate of the New York City-based private equity group Mill Point Capital.
AIS provides marketing and insurance administration services to 3,000 financial institutions and 19 million insureds. The company’s product line includes Accidental Death and Dismemberment, Simplified Issue Term Life, Graded Whole Life, Hospital Accident Plan, and Recuperative Care Plans. According to the companies, the sale is expected to close sometime in the third quarter of this year. The financial terms of the sale were not publicly disclosed.
“We are pleased to have reached an agreement with Mill Point Capital for the sale of our insurance business,” stated Todd Siegel, CEO of Affinion Group. “While this business has been a meaningful contributor to Affinion Group’s results, the sale is the next step in becoming a pure-play loyalty solutions company and focusing on our growing loyalty and customer-engagement solutions.”