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Main » 2013 » September » 5 » Assurant Expands Global Mobile Services by Acquiring Lifestyle Services Group from Phones 4u Finance plc
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Assurant Expands Global Mobile Services by Acquiring Lifestyle Services Group from Phones 4u Finance plc
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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