LSG parent Phones 4u Finance to focus on core offerings
Assurant has agreed to buy mobile devices protection specialist Lifestyle Services Group (LSG) for $160m (£107m) in a cash deal.
New York-based Assurant, a speciality insurance and insurance-related products provider, will purchase LSG from Phones 4u Finance. The acquisition should be complete in the fourth quarter of 2013.
Phones 4u Finance decided to sell the subsidiary and “focus on further opportunities in its core business,” according to chief executive Tim Whiting.
Assurant president and chief executive Robert B Pollock said: “Our acquisition of Lifestyle Services Group strengthens and expands our global mobile presence, which is an important strategic priority.”
“Assurant is a recognised 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 LSG chief executive Chris Harrison (pictured).
LSG facts and figures
UK-based LSG generates about $185m of revenue and provides its offerings to more than eight million users.
It operates in the UK and Europe and provides insurance and non-insurance products and services, including mobile phone insurance, gadget insurance, mobile data back-up and security products.
It also offers brokering, underwriting, fraud investigation, supply chain management and customer administration.
Assurant is a New York-traded company.
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