Assurant (AIZ) has moved to strengthen its mobile service capabilities with the acquisition of the remaining shareholding in Olivar Co. Ltd. The acquisition is in line with the company’s commitment to delivering market-leading customer experiences, mobile device protection, and device lifecycle management solutions.
Assurant is a global provider of lifestyle and housing solutions, including mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance; lender-placed insurance products; and other specialty products.
The acquisition of Olivar should strengthen Assurant’s footprint in the Asia Pacific region as a provider of mobile device life cycle management solutions. In the recent past, the company has completed a series of strategic acquisitions aimed at strengthening the global asset deposition services.
Last year, the company acquired Australia’s Alegre, a leading specialist in mobile phones and tablet refurbishment. It also acquired HYLA Mobile, a leading provider of smartphone software and upgrade services.
“With these recent acquisitions, we are well-positioned to support South Korea and the broader Asia Pacific region in our Lifestyle businesses, and they reaffirm our commitment to accelerate growth in the market,” said Keith Meier, International Assurant’s President. (See Assurant stock chart on TipRanks)
Recently, Morgan Stanley analyst Michael Philips reiterated a Buy rating on the stock but raised his price target to $188 from $172, implying 17.00% upside potential to current levels.
Consensus among analysts is a Strong Buy based on 4 Buys. The average analyst Assurant price target of $190.75 implies 18.7% upside potential to current levels.
AIZ scores 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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