NANJING, China and ATLANTA, July 30, 2012 /PRNewswire-Asia/ -- Chinese home electronics and appliance retailer Jiangsu Five Star Ltd (Five Star), a wholly-owned affiliate of U.S.-based Best Buy, and specialty insurer Assurant Solutions are pleased to announce that they have entered into partnership, with Assurant Solutions serving as the exclusive provider of extended protection products and services for more than 200 stores in mainland China.
Five Star, China's third-largest home electronic appliance retailer, signed an exclusive, five-year contract with Assurant Solutions to provide their customers with extended protection for electronic devices and appliances. Headquartered in Nanjing, Five Star operates stores in seven Chinese provinces and employs more than 23,000 people. Five Star became part of global retail giant Best Buy in May 2006.
"One of Five Star's strategic targets is to provide the best service available for Chinese consumers. Assurant Solutions is a leader in the global market and is an energetic company with a great culture, team spirit and a comprehensive business solution, so we feel it is a good fit for Five Star. Five Star will now be able to provide consumers with more variety and more competitively priced service protection products. We believe our customers will have a better service experience as a result of our collaboration with Assurant Solutions," said Nicolas Wang, CEO of Five Star, Global Senior Vice President of Best Buy. "Assurant Solutions' successful experience with Best Buy in Canada and Mexico will be a great reference for their collaboration with Five Star."
Through its alignment with industry leaders, Assurant Solutions has established market leadership positions in extended service protection, mobile device protection, credit insurance and debt protection administration in select worldwide markets. Assurant Solutions began offering extended protection programs and related services in China in 2007.
"We are very enthusiastic about this partnership with Five Star," said Craig Lemasters, president and chief executive officer of Assurant Solutions. "As part of a leading multi-channel global retailer, Five Star has tremendous potential to grow in the Chinese market. We hope our protection plans will help spur that growth and complement Five Star's efforts to provide more options and a better purchase experience for their customers."
About Assurant Solutions
Assurant Solutions businesses develop, underwrite, market and administer specialty insurance, extended service contracts and other risk management solutions through collaborative relationships with leading financial institutions, retailers, wireless carriers, manufacturers and other entities. With operations in 25 locations, including executive offices in Atlanta, Ga., Assurant Solutions serves clients and their customers in countries throughout North America, the Caribbean, Latin America, Europe and Asia. www.assurantsolutions.com
Assurant Solutions is part of Assurant, a premier provider of specialized insurance products and related services in North America and select worldwide markets. Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has approximately $27 billion in assets and $8 billion in annual revenue. www.assurant.com
About Five Star
Five Star, headquartered in Nanjing, is a wholly-owned subsidiary of global leading consumer electronics retailer-Best Buy, and one of the top three home electronics and appliance retailers in China. As a young and energetic company with sustainable growth, Five Star operates more than 200 retail stores in seven provinces across China including Jiangsu, Anhui, Zhejiang, Shandong, Henan, Sichuan and Yunnan, with more than 23,000 employees. Five Star decreases consumers' technology pressure for home electronics and appliances. Five Star seeks to help more consumers enjoy a comfortable and happy life by offering high-quality electronics and appliances presented with passionate and professional service. For more information please visit: www.five-star.cn
