Member Article

Cheshire mobile phone insurance company bought by US firm

The Cheshire mobile phone insurance firm Lifestyle Sciences Group has been acquired by US company Assurant, Inc for £107m.

The company, which is based in Crewe, was founded in 2005 and employs about 1,000 staff. It was previously owned by the finance division of Phones 4u.

With an annual revenue of around £125m, Lifestyle Services Group is a leading provider of UK mobile device insurance.

The company provides a broad array of services through leading banks and retail mobile network operators to more than 8 million customers.

Robert B. Pollock, president and CEO of Assurant, Inc said: “Our acquisition of Lifestyle Services Group strengthens and expands our global mobile presence, which is an important strategic priority.

“Their established client portfolio, strong customer service capabilities and experienced management team accelerate our opportunities in the European mobile marketplace.”

The transaction is subject to regulatory approval and expected to close in the fourth quarter of 2013.

Tim Whiting, CEO of Phones 4u Finance said: “Since we started Lifestyle Services Group in 2005 the team has built its reputation on supporting clients to deliver excellent service in the mobile device insurance market,

“Assurant is an excellent home for Lifestyle Services Group and will support its continuing journey while allowing Phones 4u to focus on further opportunities in its core business. I would like to thank all of the Lifestyle Services Group employees for their contributions and wish them and Assurant well for the future.”

Chris Harrison, CEO of Lifestyle Servives Group , said: “Assurant is a recognised global specialty insurance leader that shares our commitment to help protect the mobile devices that play an increasingly important part in people’s lives.

“Together we will build on many years of mobile experience that drives us to make mobile services simpler and easier for customers. We are excited to join the Assurant team and believe this new relationship will be a valuable and productive one for our customers, clients and employees.”

This was posted in Bdaily's Members' News section by Simon Malia .