Chartis Acquires Service Net

By Alan Wolf -- TWICE, 1/31/2012

New York - Warranty underwriter Chartis has acquired Service Net, a leading extended-warranty and service-plan administrator.

Financial terms were not disclosed.

The move makes Chartis an end-to-end player in the extended-warranty business while strengthening Service Net's financial footing.

Service Net will be integrated into Chartis' U.S. warranty division, which currently services more than 75 million active contracts.

"The acquisition of Service Net provides significant value-added services to our warranty clients by adding 24/7 multilingual call center support, cutting-edge telecommunications systems, claims adjudication, risk management, direct marketing capabilities and aftermarket services to our existing underwriting capabilities," said James Mostofi, president of Chartis' U.S. warranty division.  "Our ability to offer a full spectrum of insurance and service solutions will broaden our warranty opportunities here in North America."

Based in Jeffersonville, Ind., Service Net provides warranty/extended-service plan administration and support services for a variety of manufacturers, retailers, buying groups and distributors, including a number of Fortune 1,000 companies.

Chartis, a former unit of AIG, is a leading property-casualty and general insurance organization serving more than 70 million clients globally.