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25 April 2018

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Assurant ups cash payment to The Warranty Group owner

Bernard Goyder 9 January 2018

P&C insurer Assurant will give more cash and less stock to private equity firm TPG Capital under revised terms for its takeover of The Warranty Group (TWG) following US tax reforms.

TPG will get $488mn more cash than before, based on the midpoint of a previously agreed range, to receive $860mn for the warranty insurer.

The private equity firm will own less of the merged entity than previously agreed in taking a 19.8 percent stake representing 10.4 million shares, rather...

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