Private equity firm acquires LTCI services vendor

Stone Point Capital L.L.C. has acquired LTCG, the companies say. LTCG is an Eden Prairie, Minn., long-term care insurance (LTCI) support services company that was founded in 1996 as Long Term Care Group.

It now administers about 1.4 million LTCI policies, and about 20 percent of all in-force LTCI policies. The 40,000 policies with active claims paid $1.2 billion in benefits in 2013, LTCG says.

Stone Point is a private equity firm that focuses on the financial services sector. Chuck Davis, the chief executive officer of Stone Point, said in a statement that his company has been talking to the LTCG management team for many years.