10:00 uur 06-06-2018

Assurant neemt The Warranty Group over voor $2,5 miljard

NEW YORK–(BUSINESS WIRE)–

  • Creëert een toonaangevende wereldwijde lifestyle leverancier met betekenisvolle groeipotentie, significante operationele synergieën en een sterk gediversifieerde inkomstenstroom
  • Versterkt globale toppositie in de automotive bescherming markt, beschermt meer dan 40 miljoen voertuigen wereldwijd
  • Verdiept de voetafdruk en productaanbod in belangrijke internationale markten

Assurant, Inc. (NYSE: AIZ), wereldwijde koploper in risicobeheer oplossingen, kondigt vandaag de overname van The Warranty Group van TPG Capital aan, voor $2,5 miljard. De transactie verstevigt nogmaals de leiderschapspositie in automotive bescherming en ondersteunt de groeistrategie van het bedrijf in de wijdere, internationale lifestyle markt met een aantrekkelijk product en cliëntportfolio, en een globale voetafdruk.

“We zijn blij met onze overname van The Warranty Group, die onze internationale lifestyle groeistrategie ondersteunt, waarbij we consumenten helpen met het beschermen van hun apparaten, mobiele toestellen en elektronica, en verstevigt onze globale toppositie als de voornaamste leverancier van automotive beschermingsdiensten,” zegt Assurant president en algemeen directeur Alan Colberg. “De combinatie van onze twee bedrijven zal voortdurende innovatie van producten en diensten voor de consument ondersteunen, terwijl we verwachten dat significante operationele synergieën bereikt worden en gediversifieerde en voorspelbare winsten gegenereerd worden.”

Assurant Closes Its $2.5 Billion Acquisition of The Warranty Group

NEW YORK–(BUSINESS WIRE)–

  • Creates premier global lifestyle provider with meaningful growth potential, significant operating synergies and highly diversified earnings stream
  • Solidifies leading global position in vehicle protection market protecting over 40 million vehicles worldwide
  • Deepens footprint and product offerings in key international markets

Assurant, Inc. (NYSE: AIZ), a premier global provider of risk management solutions today announced the closing of its [$2.5] billion(1) acquisition of The Warranty Group from TPG Capital. The transaction further cements a leadership position in vehicle protection and supports the company’s growth strategy in the broader global lifestyle market with an attractive product and client portfolio and a deepened global footprint.

“We are excited to close our acquisition of The Warranty Group, which significantly advances our global lifestyle growth strategy of helping consumers protect their appliances, mobile devices and electronics, while solidifying our global position as the premier provider in vehicle protection services,” said Assurant President and Chief Executive Officer Alan Colberg. “The combination of our two companies will support ongoing product and service innovation for the consumer, while we expect to realize significant operating synergies and generate more diversified and predictable earnings over time.”

This acquisition, which was originally announced on Oct. 18, 2017, and restructured on January 9, 2018, was financed through a mix of [$9xx million] in stock and [$1.XX billion] in cash(1).

Jointly operating across 21 countries, the addition of The Warranty Group deepens Assurant’s global footprint and provides additional resources to accelerate Assurant’s mobile strategy in key markets such as Asia-Pacific. The Warranty Group’s U.S. vehicle protection business brings new client partnerships and distribution channels, including dealer networks and national accounts to Assurant. The acquisition also amasses greater consumer insights, which will be used to capitalize on emerging trends in the auto market to better serve clients and consumers. With annualized revenue greater than $2 billion as of March 31, 2018,(2) The Warranty Group expands Assurant’s size and scale within vehicle protection, extended service contracts and financial services businesses.

Today, Assurant also announced the senior leadership team of its Global Automotive business (link to auto leader release) and key regions (link to release).

As part of this transaction, Eric Leathers, partner, and Peter McGoohan, principal at TPG Capital join Assurant, Inc.’s board of directors and serve on the board’s Finance & Risk and Compensation committees, respectively.

About Assurant
Assurant, Inc. (NYSE: AIZ) is a global provider of risk management solutions, protecting where consumers live and the goods they buy. A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection and related services; extended service contracts; vehicle protection; pre-funded funeral insurance; renters insurance; lender-placed homeowners insurance; and mortgage valuation and field services. With approximately $32 billion in assets and $6 billion in annualized revenue as of March 31, 2018, Assurant has a market presence in 16 countries, while its Assurant Foundation works to support and improve communities. Learn more at assurant.com or on Twitter @AssurantNews.

1 The total enterprise value for The Warranty Group is [$2.5] billion. This reflects 10.4 million shares, or [$9XX] million in stock and [$1.XX] billion in cash, taking into account the impact of the collar and repayment of TWG’s $590 million in existing debt. The source of cash includes [$1.X] billion from debt and preferred stock proceeds previously raised and [$4XX] million in additional cash available at the company.

2 This reflects The Warranty Group revenues on an adjusted basis to conform to Assurant’s accounting for certain revenues.

Contacts

Assurant, Inc.
Media:
Linda Recupero, 212.859.7005
Senior Vice President, Enterprise Communication
linda.recupero@assurant.com
or
Investor Relations:
Suzanne Shepherd, 212.859.7062
Vice President, Investor Relations
suzanne.shepherd@assurant.com
or
Sean Moshier, 212.859.5831
Manager, Investor Relations
sean.moshier@assurant.com

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