LTCG administers about 1.4 million policies.

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.

Peter Goldstein, the CEO of LTCG, said Stone Point shares LTCG’s vision and sees helping insurers manage complex LTCI portfolios as a business opportunity.

The Canada Pension Plan Investment Board recently acquired Wilton Re Holdings Ltd. for $1.8 billion from an investor group that included Stone Point. In 2007, Stone Point managed a fund that acquired GENEX Services Inc. from Unum Group (NYSE:UNM).