Global risk management provider Assurant is to acquire The Warranty Group for $US2.5 billion ($3.2 billion).

The transaction is expected to close in the first half of next year, subject to shareholder and regulatory approvals.

A spokesman for The Warranty Group told insuranceNEWS.com.au that the Asia-Pacific region is “strategically important” for Assurant.

“During the months ahead, we will work with Assurant on integration planning,” the spokesman said.

“The integration team will consist of representatives of multiple functional areas and regions from both Assurant and The Warranty Group.

“At this point, it is too early to provide any specific details on how the integrated company will operate in Australia and New Zealand.”

New York-based Assurant says The Warranty Group has more than $US1 billion ($1.28 billion) in annual revenue and the deal will “enhance scale and market presence” across 35 countries.

“Assurant’s acquisition of The Warranty Group advances our position as a leading global provider in the vehicle protection business and aligns well with our lifestyle market growth strategy, helping consumers protect their appliances, autos, mobile devices and electronics,” Assurant President and CEO Alan Colberg said.

“Together, we believe we can deepen our global footprint and accelerate profitable growth in key markets already on Assurant’s strategic roadmap, while realising substantial operating synergies, generating more diversified and predictable earnings and furthering product innovation on a global scale.”