9/5/2013 4:49:54 PM
Phones 4u sells mobile insurance arm for £107m
Phones 4u has announced it will sell Lifestyle Services Group to Assurant Inc for £107 million.
The acquisition from Phones 4u Finance plc is due to take place in the final quarter of 2013. Company CEO, Tim Whiting revealed the decision behind the sale was to focus on ‘opportunities in its core business’. He 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 Services Group added: ‘Assurant is a recognized 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.’