US-based Assurant Solutions is set to acquire French mobile insurance administrator, CWI Group, for around €56m ($71m).
The acquisition is said to enhance Assurant’s capabilities in mobile device protection, and also to expand its distribution into independent retailers and the financial services affinity market in Europe.
Assurant Solutions president and CEO Craig Lemasters said the European companies and consumers continue to lead the way in digital innovation.
"By leveraging our leadership position in the UK and the expanded capabilities of CWI Group, we plan to help an increasing number of consumers remain connected with their digital lives," Lemasters added.
Established in 2001, CWI Group is an insurance brokerage firm, which is specialized in the creation, distribution and management of affinity insurance in France.
With policies sold in independent and franchise telephone stores and mobile phone companies, the company protects around 420,000 mobile insurance devices.
The company also supports global financial brands by offering ancillary protection plans to about 30 million cardholders.
The company, which has around 170 employees, generates about €31m ($39m) in annualized revenue.
CWI Group co-founder and president Julien Naquet, along with his current management team, will continue to operate the business.
Naquet added: "Assurant Solutions’ financial strength and deep expertise in protection programs and services will enhance our growth opportunities."
Subject to certain conditions, the transaction is expected to be completed in the fourth quarter of this year.
Image: Assurant Solutions to acquire mobile insurance administrator CWI Group. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.