ME NewsWire / BusinessWire
NEW YORK - Thursday, September 5th 2013
Assurant, Inc. (NYSE: AIZ), a premier provider of specialty insurance
and insurance-related products and services, announces an agreement
to purchase Lifestyle Services Group, a mobile phone insurance
provider, for up to $160 million (GBP 107 million) in cash from
Phones 4u Finance plc.
With about $185 million (GBP 125 million) of annual revenue,
Lifestyle Services Group is a leading provider of mobile device
insurance in the United Kingdom. The company provides a broad array
of services through leading banks and retail mobile network operators
to more than 8 million customers. The acquisition of Lifestyle
Services Group will complement and broaden Assurant Solutions’
footprint in the mobile marketplace.
"Our acquisition of Lifestyle Services Group strengthens and expands
our global mobile presence, which is an important strategic
priority,” said Robert B. Pollock, president and CEO of Assurant,
Inc. "Their established client portfolio, strong customer service
capabilities and experienced management team accelerate our
opportunities in the European mobile marketplace.”
The acquisition of Lifestyle Services Group is expected to have a
minimal impact on Assurant’s 2014 earnings and be accretive going
forward. The transaction is subject to regulatory approval and
expected to close in the fourth quarter of 2013.
"Since we started Lifestyle Services Group in 2005 the team has built
its reputation on supporting clients to deliver excellent service in
the mobile device insurance market,” said Tim Whiting, CEO of Phones
4u Finance plc. "Assurant is an excellent home for Lifestyle Services
Group and will support its continuing journey while allowing Phones
4u to focus on further opportunities in its core business. I would
like to thank all of the Lifestyle Services Group employees for their
contributions and wish them and Assurant well for the future.”
"Assurant is a recognized global specialty insurance leader that
shares our commitment to help protect the mobile devices that play an
increasingly important part in people’s lives,” said Chris Harrison,
CEO of Lifestyle Services Group. "Together we will build on many
years of mobile experience that drives us to make mobile services
simpler and easier for customers. We are excited to join the Assurant
team and believe this new relationship will be a valuable and
productive one for our customers, clients and employees.”
About Assurant
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 Phones 4u Finance plc
Phones 4u Finance plc is one of the UK’s leading independent mobile
retailers offering multiple networks and smartphone brands with
market leading choice and value. Led by CEO Tim Whiting it was
acquired by funds advised by BC Partners in April 2011 from
Providence Equity Partners Inc.
In 2012 the Phones 4u group’s revenue was £1.1bn and it operates from
700 stores in the UK and employs more than 6,000 staff. In
recognition of its success in delivering outstanding customer
service, Phones 4u was recognized for the second consecutive year as
being "best High Street retailer” at the 2013 Mobile Industry Awards.
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 consummation of this
acquisition and its expected impact on our financial results, 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.
Contacts
Assurant Media Contacts:
Shawn Kahle, 212.859.7047
Vice President, Corporate Communications
shawn.kahle@assurant.com
Patrice Eastham, 770.763.2740
Vice President, Business Communications
patrice.eastham@assurant.com
Assurant Investor Relations Contacts:
Francesca Luthi, 212.859.7197
Senior Vice President, Investor Relations
francesca.luthi@assurant.com
Suzanne Shepherd, 212.859.7062
Director, Investor Relations
suzanne.shepherd@assurant.com
Phones 4u Investor Relations Contact:
Steven Lloyd, 01782 677666
Investor Relations
steven.lloyd@phones4u.co.uk
Phones 4u Media Contact:
Chloe Park, 07766 883388
Corporate Communications
phones4u@colombus-comms.com
Lifestyle Services Group Media Contact:
Mark Read, 07795505739
Corporate Communications
mark.read@lifestylegroup.co.uk
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