NEW YORK, Oct. 25, 2013—Assurant, Inc., a premier provider of specialty insurance and insurance-related products and services, announces regulatory approval and completion of its purchase of Lifestyle Services Group, a mobile phone insurance provider previously owned by Phones 4u Finance plc.
Assurant acquired the United Kingdom mobile device insurance provider for GBP 107 million, or $172 million at current rates, in an all cash transaction announced Sept. 5, 2013 pending regulatory approval.
"We look forward to moving ahead with the efficient integration of Lifestyle Services Group into Assurant so that we can accelerate our opportunities and service capabilities in the European mobile marketplace," said Robert B. Pollock, president and CEO of Assurant, Inc.
The acquisition of Lifestyle Services Group will complement and broaden Assurant Solutions' footprint in the mobile marketplace.
Assurant is a premier provider of specialized insurance products and related services in North America, Latin America, Europe and other select worldwide markets. The four key businesses -- Assurant Solutions, Assurant Specialty Property, Assurant Health and Assurant Employee Benefits -- partner with clients who are leaders in their industries and build leadership positions in a number of specialty insurance market segments. Assurant businesses provide mobile device protection; debt protection administration; credit-related insurance; warranties and service contracts; pre-funded funeral insurance; solar project insurance; lender-placed homeowners insurance; renters insurance and related products; manufactured housing homeowners insurance; individual health and small employer group health insurance; group dental insurance; group disability insurance; and group life insurance.
Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has approximately $29 billion in assets and $8 billion in annual revenue. Assurant has approximately 14,500 employees worldwide and is headquartered in New York's financial district. For more information on Assurant, please visit www.assurant.com and follow us on Twitter (@AssurantNews).
About Lifestyle Services Group
Lifestyle Services Group is the biggest single provider of packaged account products and bespoke services to the retail banking sector and manages the largest number of mobile phone insurance customers in the UK on behalf of its clients. It partners UK High Street banks and mobile networks assisting 8 million of their customers.
Products managed by Lifestyle Services Group include mobile phone insurance, gadget insurance, mobile data back-up and security products. Services provided include brokering, underwriting, fraud investigation, supply chain management and customer administration.
Established in 2005, Lifestyle Services Group has over 1,000 employees in the UK and operations in Europe. For more information, go to www.lifestylegroup.co.uk
CAUTIONARY STATEMENT - Some of the statements included in this news release, particularly statements regarding the integration of this business and the expected effects of this acquisition on our business, may be forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's best estimates, assumptions and projections and are subject to significant uncertainties. Actual results may differ materially from those projected in the forward-looking statements. Assurant undertakes no obligation to update any forward-looking statements in this news release as a result of new information or future events or developments. For a detailed discussion of the general risk factors that could affect our results, please refer to the risk factors identified in our annual and periodic reports, including but not limited to our 2012 Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission.
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