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Risk management solutions provider Assurant has acquired The Warranty Group in a deal worth around US$2.5 billion (£1.9 billion), it was announced today.
The deal sees Assurant take The Warranty Group – which provides underwriting, claims administration and marketing expertise – from its current owner TPG Capital. It includes approximately 10.4 million Assurant shares, or US$993 million based on the acquisition agreement closing price, and approximately US$1.5 billion in cash after considering the repayment of The Warranty Group’s US$596 million in existing debt, the firm said in a statement.
Assurant said the transaction “further cements” its leadership position in vehicle…
