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Jan. 16, 2001

American Fidelity and Liberty, Inc. Announces Subsidiary Name Change and Obtains Funding for Growth

Long-Term Care Insurance Provider Retains Core Values While Adopting New Name and Additional Capital

Warrington, PA — American Fidelity & Liberty, Inc. is proud to announce its long-term care insurance subsidiary, American Fidelity & Liberty Insurance Company has changed its name to AF&L Insurance Company. In addition, CIVC Partners, a subsidiary of the Bank of America, has provided $22 million in financing to the company, while also committing an additional $20 million to fund future growth.

"We stand committed to providing a full array of long-term care and home health care products," says A.J. Abel, III, President of AF&L. "We simply changed our name to reflect our streamlined efficiency." In addition to the new name, AF&L Insurance Company has a new, cleaner, simpler graphic look featuring the Statue of Liberty. "However, the most exciting news is the financial backing of CIVC," continues Abel. "This funding will allow AF&L Insurance Company to expand its products and marketing base.

"We see these changes as further demonstrations of our ability to respond to our market's needs," notes Abel. "Long-term care insurance is still a relatively new industry, and we are excited to be a leader in this field. As the population ages and the need for this type of care increases, people will look to insurers to help maintain their financial solvency as well as their personal independence. Our mission has always been - and always will be -'to exceed the expectations of those we serve'."

Dan Helle, a CIVC Partner, says, "CIVC has been attracted to the growth and demographic trends of the long-term care insurance industry for some time. Our investment in American Fidelity & Liberty, Inc. provides the opportunity to partner with one of the fastest growing long-term care insurers in the nation that is poised to capture an even greater share of the long-term care market."

AF&L Insurance Company sells and underwrites supplemental accident and health policies covering long-term care and home health care. Located in Warrington, Pennsylvania, AF&L Insurance Company is one of the nation's fastest growing long-term care companies. Assigned a "B++" rating from A.M. Best, the company sells policies through over 7,000 independent insurance agents in 33 states and District of Columbia.

CIVC Partners manages more than $600 million of equity on behalf of Bank of America. CIVC Partners, with 30 years of experience in private equity investing, provides growth capital to middle market companies with a focus on financial services, business services, media and communications, and industrial growth.

Press Contact

Patty Walker
CIVC Partners, LP
191 North Wacker Drive
Suite 1100
Chicago, Illinois 60606
Telephone: 312 873 7300
pwalker@civc.com

 
 
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