Market Overview

Assurant Closes Its $2.5 Billion Acquisition of The Warranty Group

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  • Creates premier global lifestyle provider with meaningful growth
    potential, significant operating synergies and highly diversified
    earnings stream
  • Solidifies leading global position in vehicle protection market
    protecting over 40 million vehicles worldwide
  • Deepens footprint and product offerings in key international markets

Assurant,
Inc.
(NYSE:AIZ), a premier global provider of risk management
solutions, today announced the closing of its acquisition of The
Warranty Group from TPG Capital for a total enterprise value of
approximately $2.5 billion. This reflects approximately 10.4 million
Assurant shares, or $993 million based on the acquisition agreement
closing price, and approximately $1.5 billion in cash, after considering
the repayment of The Warranty Group's $594 million in existing debt. The
transaction further cements Assurant's leadership position in vehicle
protection and supports the company's growth strategy in the broader
global lifestyle market with an attractive product and client portfolio
and a deepened global footprint.

"We are excited to close our acquisition of The Warranty Group, which
significantly advances our global lifestyle growth strategy of helping
consumers protect their appliances, mobile devices and electronics,
while solidifying our global position as the premier provider of vehicle
protection services," said Assurant President and Chief Executive
Officer Alan Colberg. "The combination of our two companies will support
ongoing product and service innovation for the consumer, while we expect
to realize significant operating synergies and generate more diversified
and predictable earnings over time."

Jointly operating across 21 countries, the addition of The Warranty
Group deepens Assurant's global footprint and provides additional
resources to accelerate Assurant's mobile strategy in key markets such
as Asia-Pacific. The Warranty Group's U.S. vehicle protection business
brings new client partnerships and distribution channels, including
dealer networks and national accounts to Assurant. The acquisition also
amasses greater consumer insights, which will be used to capitalize on
emerging trends in the auto market to better serve clients and
consumers. With annualized revenue greater than $2 billion as of March
31, 2018,(1) The Warranty Group expands Assurant's size and
scale within vehicle protection, extended service contracts and
financial services businesses.

Today, Assurant also announced the senior leadership team of its Global
Automotive business
and its key
regions
.

As part of this transaction, Peter McGoohan and Eric Leathers, both
representatives of TPG Capital, will join Assurant, Inc.'s board of
directors and will serve on the board's Compensation and Finance & Risk
committees, respectively.

About Assurant
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. Assurant has a market presence in 21 countries, while its
Assurant Foundation works to support and improve communities. Learn more
at assurant.com
or on Twitter @AssurantNews.

1 This reflects The Warranty Group revenues on an adjusted
basis to conform to Assurant's accounting for certain revenues.

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