Assurant, a US-based provider of specialty insurance and insurance-related products and services, has agreed to acquire British mobile phone insurance provider Lifestyle Services in an all-cash deal of $160m from Phones 4u Finance.
Lifestyle Services provides a wide range of services through banks and retail mobile network operators to more than eight million customers.
Assurant stated that the acquisition of Lifestyle Services will complement and strengthen its presence in the mobile marketplace.
Assurant president and CEO Robert Pollock said: "Their established client portfolio, strong customer service capabilities and experienced management team accelerate our opportunities in the European mobile marketplace."
Lifestyle Services CEO Chris Harrison said: "Together we will build on many years of mobile experience that drives us to make mobile services simpler and easier for customers."
The transaction, which is subject to regulatory approval, is expected to be completed in the fourth quarter of 2013. It is expected to have a minimal impact on Assurant's 2014 earnings and be accretive going forward.
