Specialty insurer Assurant Solutions and Jiangsu Five Star (Five Star), a wholly owned affiliate of the US based Best Buy have earmarked an agreement, pursuant to which the former will serve as the exclusive provider of extended protection products and services for more than 200 stores in mainland China.
The deal has been inked between both parties for five years, which will provide coverage to Five Star's customers with extended protection for electronic devices and appliances.
Best Buy vice president and Five Star CEO Wang Jian said Assurant Solutions' great culture, team effort and comprehensive business solution played a part in its decision-making process.
"Assurant's global leadership, marketing capabilities and focus on a high quality customer experience as well as their success with Best Buy in Canada and Mexico make them a good fit for Five Star, as we aspire to provide the best services in our industry," Jian said.
Assurant Solutions businesses develop, underwrite, market and administer specialty insurance, extended service contracts and other risk management solutions to institutions, retailers, wireless carriers, manufacturers and other entities.
Headquartered in Nanjing, Five Star manages stores in seven Chinese provinces and employs more than 23,000 people.
