Assurant To Buy Lifestyle Services From Phones 4u Finance For Up To $160 Mln

(RTTNews) - Specialty insurance provider Assurant, Inc.(AIZ) Thursday announced an agreement to buy Lifestyle Services Group, a provider of mobile phone insurance, from Phones 4u Finance Plc. for up to $160 million.

The deal is expected to close in the fourth quarter. It is expected to have minimal impact on Assurant's earnings in 2014, but will be earning accretive after that.

Lifestyle Services Group, with annual revenue of about $185 million, provides services through banks and retail mobile network operators to more than 8 million customers. The acquisition will broaden Assurant Solutions' footprint in the mobile marketplace.

Robert Pollock, CEO of Assurant, said, "Their established client portfolio, strong customer service capabilities and experienced management team accelerate our opportunities in the European mobile marketplace."