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.