The Warranty Group is owned by TPG Capital, a private investment firm. According to a statement, the firms will combine operations, with Assurant shareholders retaining majority ownership of the combined company. Assurant, Inc. will become a wholly owned subsidiary of TWG Holdings Limited, the latter of which will change its name to Assurant Ltd.
The deal is expected to close in the first half of 2018. Upon conclusion, Assurant Ltd.’s board will be composed of 15 directors: Assurant’s 12 current directors; Nelson Chai, The Warranty Group’s president/CEO; Eric Leathers, partner at TPG Capital; and Peter McGoohan, principal at TPG Capital.
Assurant expects the move to advance its strategy in the global lifestyle market, including its presence in extended-service contracts, vehicle protection and financial services businesses. The Warranty Group currently provides warranty solutions in over 35 countries for manufacturers, distributors and retailers of consumer electronics, appliances, furniture, automobiles and homes, as well as specialty insurance products and services for financial institutions.
In a statement, Assurant president/CEO Alan Colberg said the deal “aligns well with our lifestyle market growth strategy helping consumers protect their appliances, autos, mobile devices, and electronics.”
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