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Retailers
October 31, 2013
Specialised insurance provider says deal will accelerate its opportunities and service capabilities in the European mobile market place
Assurant has completed its £107 million acquisition of Phones 4U Finance’s mobile phone insurance company Lifestyle Services Group (LSG).
The deal was first announced on September 5, with Assurant awaiting regulatory approval before the deal could be completely finalised.
LSG, which says it is the largest provider of mobile phone insurance in the UK, was established in 2005 and employes more than 1,000 people across offices in Crewe and Hersham in Surrey.
It has eight million customers on its books, with clients including all major mobile networks except for O2, and high street banks such as Lloyds TSB, Barclays, Bank of Scotland, Halifax and Co-operative Bank.
Assurant is headquartered in New York and employees 14,500 people across 12 countries, with its UK offices located in Windsor and York.
It operates through four business segments: ‘Assurant Employee Benefits’, ‘Assurant Health’, ‘Assurant Solutions’ and ‘Assurant Speciality Property’.
Assurant president and CEO Robert B. Pollock said: “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.”