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Assurant (AIZ) Bolsters UK Presence With iSmash Acquisition

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Assurant Inc. (AIZ - Free Report) , a global leader in lifestyle and housing solutions, has expanded its footprint in the UK market through the acquisition of iSmash, the country's top independent tech repair brand. This strategic move solidifies Assurant's position in the drop-in mobile equipment service and protection sectors.

Enhanced Scale and Expertise

Founded in 2013, iSmash has quickly risen to prominence with 38 retail locations and 152 employees across the UK. Its specialization in express drop-in repair services for smartphones, tablets, and laptops aligns perfectly with Assurant's commitment to providing comprehensive consumer solutions.

Strengthening Leadership Position

With the addition of iSmash, Assurant now boasts a combined network of 68 locations, including its existing Pocket Geek Tech Repair centers. This expanded presence, manned by highly trained tech repair specialists, firmly establishes Assurant as the premier destination for drop-in device repairs in the UK.

Value-Driven Integration

The integration of iSmash into Assurant's operations underscores the company's dedication to enhancing customer experience. By leveraging iSmash's drop-in repair services alongside its existing capabilities, Assurant aims to offer customers more convenient and expedited repair options, thereby adding significant value to its mobile offerings.

A Shared Vision for the Future

Both Assurant and iSmash express enthusiasm for the opportunities this acquisition brings. Christian Formby, president of Assurant Europe, highlights the alignment of values, stating, "We are thrilled to welcome iSmash to Assurant to strengthen our position as a leading provider of mobile device solutions in the UK." Similarly, iSmash CEO Chris Murton sees this partnership as a means to shape the future of the UK mobile industry, promising lasting value for customers in need of efficient, reliable repair services.

Price Performance and Zacks Rank

Shares of Assurant have gained 6.4% in the past year compared with the industry’s 8.4% growth. AIZ currently carries a Zacks Rank #2 (Buy).

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Acquisition in the Insurance Space

Arthur J. Gallagher & Co. (AJG - Free Report) recently acquired Specialty Risk Management Services, LLC, and its affiliate, Private Client Insurance Services, LLC, marking continued strategic expansion to drive growth.

Arthur J. Gallagher has an impressive inorganic story with several buyouts in the Brokerage and Risk Management segments. AJG has a strong merger and acquisition pipeline with about $350 million of revenues, associated with about 40 term sheets either agreed upon or being prepared. AJG continues to expect about $3.5 billion of capacity to fund M&A in 2024 using only free cash and incremental borrowings.

Marsh & McLennan Companies, Inc.’s (MMC - Free Report) Marsh McLennan Agency (“MMA”), a division of MMC’s Marsh business, recently closed buyouts of two middle-market agencies of Louisiana, Querbes & Nelson (Q&N) and Louisiana Companies. The twin buyouts are expected to strengthen the capabilities of MMA as well as solidify its presence significantly across Louisiana. The addition of Q&N is expected to bolster the business insurance and employee health and benefits offerings suite of MMA.

The acquisition underscores Marsh & McLennan's strategic inorganic growth approach, exemplified by various purchases across its operating units. These acquisitions have facilitated entry into new regions, expansion in existing ones, diversification into new businesses and the development of new segments. The prudent acquisitions position the company for sustained long-term growth.

Aon plc (AON - Free Report) recently announced that it has acquired the technology assets and intellectual property of Aon, a professional services firm, will benefit from enhanced offerings to clients, further improving its core value proposition. The new capability will provide tools and data-powered insights, which are expected to improve business decision-making.

Acquisitions and partnerships form one of the main growth strategies at Aon, and the company has sealed many in the past few years. Its acquisitions are mainly aimed at the expansion of its health and benefits business, flood insurance solutions, and risk and insurance solutions operations. Strategic collaborations also boost AON’s capacity and make it one of the largest insurance brokers.

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