In a bid to expand its footprint in the Asia-Pacific and boost its data analytics capabilities, The Warranty Group, owner of Virginia Surety Company, has acquired
IAG’s retail warranty business (formerly Lumley Retail Warranty).
“The acquisition cements our positioning as a key player in Asia-Pacific’s retail sector,” said Manfred Schmoelz, executive vice president for The Warranty Group in APAC. “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.”
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For its next move after the acquisition, the group – which is now one of the largest retail warranty insurers in Australia – plans to expand its network of vendors and partners to incorporate that of IAG’s retail warranty business.
“The acquisition of IAG’s Retail Warranty business marks a major milestone in The Warranty Group’s corporate journey,” said Hemaka Perera, director of sales for Southeast Asia. “We are thrilled with the opportunity we now have to further enhance our customers’ experiences and engagement with our services.”
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