Purchases majority interest in a provider of mobile device lifecycle management and disposition in South Korea
NEW YORK, Feb. 10, 2017 – Assurant, Inc., a global provider of risk management solutions, today announced it has completed a transaction for a majority interest in Olivar Co. Ltd., a provider of mobile device lifecycle management and disposition in South Korea.
The transaction strengthens Assurant’s leadership in mobile device protection by enhancing its ability to deliver mobile phone insurance products and services, including trade in and upgrade programs, in the mobile and retail sectors in South Korea.
“The investment in Olivar Co. Ltd. allows us to continue to grow our presence in a highly dynamic mobile market that complements our global portfolio of connected living capabilities,” said Keith Meier, president of Assurant’s international operations. “Also important is the foothold Olivar gives us in the South Korean market, providing us with an additional competitive advantage in the region and further strengthening our global presence.”
Headquartered in Gyeonggi-do, Olivar Co. Ltd. will continue to be led by its two co-founders, Mr. Kang and Mr. Cho, and its current management team, who will join Assurant.
“Assurant’s financial strength and deep expertise in protection programs and services will enhance our growth opportunities,” said Mr. Kang. “Through our combined capabilities, we will strengthen our ability to deliver outstanding customer service and help protect the things that matter most to consumers in South Korea.”
Assurant, Inc. (NYSE: AIZ) is a global provider of risk management solutions, protecting where consumers live and the goods they buy. A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection and related services; extended service contracts; vehicle protection; pre-funded funeral insurance; renters insurance; lender-placed homeowners insurance; and mortgage valuation and field services. With approximately $30 billion in assets as of December 31, 2016 and $6 billion in 2016 revenue, Assurant operates in 16 countries, while its Assurant Foundation works to support and improve communities. Learn more at assurant.com or on Twitter @AssurantNews.
Director, International Communications
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