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  • 10 November 2017 12:09

The Warranty Group Acquires IAG’s Retail Warranty Business

MELBOURNE, Australia, 2 November 2017 -- The Warranty Group, a leading global provider of warranty solutions and underwriting services, and its subsidiary Virginia Surety Company, have announced today the acquisition of IAG’s Retail Warranty Business (formerly known as Lumley Retail Warranty). The acquisition makes The Warranty Group one of the largest retail warranty insurers in Australia.

“The acquisition cements our positioning as a key player in Asia-Pacific’s retail sector. It’s a testament to the economic growth and stability of the Australian market that we are investing strongly to grow our core business in the country,” says Manfred Schmoelz, Executive Vice President for The Warranty Group in APAC.

Following the acquisition, The Warranty Group will expand its network of vendors and partners to incorporate that of IAG’s Retail Warranty business. Both The Warranty Group and IAG will work closely to create a smooth transition and ensure minimal disruption to the business.

“The acquisition of IAG’s Retail Warranty business marks a major milestone in The Warranty Group’s corporate journey,” affirms Hemaka Perera, Director of Sales, Southeast Asia. “We are thrilled with the opportunity we now have to further enhance our customers’ experiences and engagement with our services.” The Warranty Group has over 53 years’ experience in global warranty solutions and after sales services, with clients such as eBay and Carsales/Redbook in Australia, and the Alibaba Group globally.

“As we continue to grow our footprint and services globally and particularly in Australia, we are looking forward to working with more like-minded partners and organisations as dedicated to customer service as we are,” Perera adds.

The acquisition is part of its business strategy to expand its footprint in the region, and strengthen its data analytics capabilities.

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About The Warranty Group

Celebrating more than 50 years of industry leadership, The Warranty Group is one of the world’s premier providers of warranty solutions and related benefits, with operations in more than 35 countries and nearly 1,600 employees. With Virginia Surety Company and London General Insurance Company as our wholly-owned insurance companies, The Warranty Group is a single-source solution that provides underwriting, claims administration, and marketing expertise to many of the world’s leading manufacturers, distributors, and retailers of consumer goods including automobiles, homes, consumer appliances, electronics, and furniture, as well as specialty insurance products and services for financial institutions. For more information, visit www.thewarrantygroup.com.

About Virginia Surety Company

Founded in 1927, Virginia Surety Company, Inc., rated A- (Excellent) by A.M. Best Company, is the principal U.S. property and casualty insurance company of The Warranty Group. Virginia Surety Company and its affiliate companies are one of the largest underwriters of insured service plans and warranty products in the world.

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