Synchrony Financial in Stamford, Conn., has agreed to sell its pet insurance unit.
The company disclosed in a regulatory filing that it will sell Pets Best Insurance Services to Poodle Holdings for a mix of cash and an equity stake in Independence Pet Holdings.
Synchrony said it expects to record a $750 million after-tax gain on sale, subject to adjustment.
The sale is expected to close in the first quarter.
A number of banks have been selling insurance businesses, taking advantage of high premiums for those businesses.