The transaction values The Warranty Group at $1.9 billion in equity value, or $2.5 billion of enterprise value, including their existing debt.
The deal is expected to yield $60m in pre-tax operating synergies. View Assurant’s presentation on the deal breakdown: http://s1.q4cdn.com/131015182/files/doc_presentations/2017/Assurant’s-Acquisition-of-The-Warranty-Group-Presentation.pdf
Warranty Week estimates the U.S. service contract industry generated $40 billion in revenue in 2016 with $17 billion from vehicle service contracts and $23 billion from all other products and devices. Personal Safeguards Group estimates U.S. consumers spent approximately $33.4 billion on new and used vehicle service contracts (at retail prices) in 2016. The numbers are hard to pin down, in part, because of the different ways contracts are classified and revenues reported. Sellers report revenue from retail sales whereas administrators report revenue from wholesale sales, and insurers report gross written premium. Warranty Week attributes slightly more than half the total volume to ten major players and the balance spread among 140 administrators and 33 admitted insurance companies. Any way you measure it, it’s a big industry, and getting bigger.
Starr Companies today announced the appointment of Matthew Taylor as vice president of extended warranty. He will focus on expanding Starr’s presence in consumer warranty products.
Full Release: http://www.businesswire.com/news/home/20170925005140/en/Starr-Companies-Appoints-Matthew-Taylor-Vice-President
Fortegra announces the appointment of Jon Mikow as Vice President of Wireless.
Full Release: http://blog.fortegra.com/fortegra-introduces-jon-mikow-as-vp-of-wireless
One of the largest life and health insurance companies in Canada has signed an agreement to acquire shares of third-party administrator SouthwestRe and its insurance arm, Dealers Assurance Co. (DAC), for $135 million.
Source: SouthwestRe, DAC Sold to Canada’s Largest Publicly Trade Company
Connectivity is today’s key success ingredient in service contract & warranty customer care. Hear from Amazon, Microsoft, GM, GE, Electrolux, and AMT Warranty about Customer Care in the New Digital Age and how connectivity is dramatically transforming the Warranty and Service Contract industry. We are proud to announce the 2017 agenda for this highly acclaimed 8th Annual Extended Warranty and Service Contract Innovations event, taking place September 13-15, 2017, at the Renaissance Hotel in Nashville, Tennessee. Use WN300 for a $300 discount. Register today at: http://www.warrantyinnovations.com.
Don’t miss hearing from 40 top industry leaders from multiple key industries in the extended warranty/service contract market. This all new event features ground breaking innovations ranging from sales, marketing, coverage, new technologies to customer experience, risk, legal, and global ventures.
Connectivity is today’s key success ingredient in service contract & warranty customer care. Hear from Amazon, Microsoft, GM, GE, Electrolux, and AMT Warranty about Customer Care in the New Digital Age and how connectivity is dramatically transforming the Warranty and Service Contract industry. We are proud to announce the 2017 agenda for this highly acclaimed 8th Annual Extended Warranty and Service Contract Innovations event, taking place September 13-15, 2017, at the Renaissance Hotel in Nashville, Tennessee. Use WN300 for a $300 discount. Register today at: http://www.warrantyinnovations.com.
Don’t miss hearing from 40 top industry leaders from multiple key industries in the extended warranty/service contract market. This all new event features ground breaking innovations ranging from sales, marketing, coverage, new technologies to customer experience, risk, legal, and global ventures.
New partnership offers first-of-its kind admitted market model
JACKSONVILLE, Fla. (August 1, 2017) – Fortegra, a Tiptree Inc. company (NASDAQ:TIPT), today announces its new partnership with the CHART (Coverholders And Risk Takers) Exchange, an organization of coverholders, London-based syndicates, admitted markets and other vendor partners who provide services for the insurance industry. Fortegra will serve as one of two admitted insurance companies on CHART’s vendor panel, and be the exclusive non-fronting program partner for admitted capacity.
Connectivity is today’s key success ingredient in service contract & warranty customer care. Hear from Amazon, Microsoft, GM, GE, Electrolux, and AMT Warranty about Customer Care in the New Digital Age and how connectivity is dramatically transforming the Warranty and Service Contract industry. We are proud to announce the 2017 agenda for this highly acclaimed 8th Annual Extended Warranty and Service Contract Innovations event, taking place September 13-15, 2017, at the Renaissance Hotel in Nashville, Tennessee. Use WN300 for a $300 discount. Register today at: http://www.warrantyinnovations.com.
Don’t miss hearing from 40 top industry leaders from multiple key industries in the extended warranty/service contract market. This all new event features ground breaking innovations ranging from sales, marketing, coverage, new technologies to customer experience, risk, legal, and global ventures.
Eric Arnum, Warranty Week
Chad Bernstein, Hendrick Autoguard, Inc.
Darius Bullock, Electrolux North America
Brian T. Casey, Locke Lord LLP
Christine Dorton, GE Appliances
Kirsten Elsworth, Ally Financial – Insurance Operations
Brian Feldman, Spencer Re
Miguel Fernández, Claimbot
David Froning, SAS
Mark Frye, Encompass Supply Chain Solutions, Inc.
Jocelyn Getson, Centricity
Stacy Golden, Encompass Supply Chain Solutions, Inc.
David Gregory, Amazon
Steve Gusa, Sears Holdings Corporation
Erik Hickly, Microsoft
Ashok Kartham, Mize
Larry King, Ford Motor Company
Jonathan Kyle, SquareTrade
Aleem Lakhani, AMT Warranty Corporation
Julie Lohmeier, Pivotal Home Solutions
Aaron E. Lunt, The Warranty Group
Ken Mac, General Motors
Timothy J. Meenan, SCIC (Service Contract Industry Council)
Greg E. Mitchell, Frost Brown Todd LLC
Dawn E. Morris, Centricity
Trish Briscoe Myers, EFG Companies
Nick Palmer, ICON Health and Fitness/UTS
Rodney Rahl, Nebraska Furniture Mart
Lisa R. Ray, Ally
Daniel Raycroft, PCMI Corporation
Patrick Scheen, Accentf(x) Marketing
Lee Senderov, YourMechanic
John Sessions, Encompass Supply Chain Solutions, Inc.
Mark Shaw, Nebraska Furniture Mart
James Slazas, ConsenSys
Sean Stapleton, AmTrust Financial Company
Angie Tuglus, Ally Insurance
Jesse D. Wilson, Frost Brown Todd LLC
One of the nation’s largest and longest-standing pure-play insurance fronting business in the country acquired by Markel.