.Private equity firm Mill Point Capital has completed the acquisition of Affinion Insurance Solutions, the insurance unit of Affinion Group.
The deal, whose financial terms were not disclosed, was first announced in July this year.
Based in Tennessee, Affinion Insurance Solutions has over 19 million members. In addition, it tends to more than 3,200 financial institutions and affinity associations.
Moreover, the business focuses on the distribution, marketing and administration of guaranteed-issue insurance products.
In addition, the firm offers a range of products. These include accidental death and dismemberment, simplified issue term life, graded whole life, hospital accident plan, and recuperative care plans.
Affinion Group, a loyalty and customer engagement solutions provider, said the deal will enable it as a pure-play loyalty company. The group is based in Connecticut and employs over 3,860 staff in 20 countries worldwide.
Affinion Group CEO Todd Siegel said: “The successful completion of the sale of our insurance business to Mill Point Capital allows us to focus on our core business of providing leading loyalty and engagement solutions to our clients and their customers and to pay down debt.
“Not only does the sale mark our next step in becoming a pure-play loyalty solutions company, but it also provides us with greater financial flexibility.”