US business Assurant has completed its $2.5bn (€2.14bn) acquisition of The Warranty Group from private equity firm TPG Capital.

The Warranty Group specialises in finance and insurance, underwriting, claims administration and marketing for motor manufacturers, dealers and vendors.

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The deal consists of  10.4m Assurant shares, or $993m based on the acquisition agreement closing price, and approximately $1.5bn in cash, after the repayment of The Warranty Group’s $596m in existing debt.

As part of this transaction, Peter McGoohan and Eric Leathers, both representatives of TPG Capital, will join Assurant’s board of directors and will serve on the board’s Compensation and Finance & Risk committees, respectively.

The combined company’s global automotive leadership team was rearranged to reflect the business after the merger.

Andy Morris will continue to serve as president, Assurant Europe. Morris will lead the team in Europe to deliver innovative solutions that meet the needs of automotive, retail, OEM, mobile and banking clients and their customers.

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Rich Green will serve as president, Automotive, Europe for Assurant, reporting directly to Andy Morris. Joining from The Warranty Group, Green will be responsible for driving overall automotive business growth, client relationships and new business development activities throughout the United Kingdom and continental Europe.

Gary Mann becomes strategy and operations leader, International. Formerly vice president, International Development, Mann has been with Assurant for 13 years in risk, customer experience, strategy and operations positions. He brings vast experience and insights to this strategic role, having supported the International business unit since early 2015.