Five Star, Best Buy's Brand in China, Partners with Assurant Solutions to Provide Extended Protection for its Retail Customers

ATLANTA, May 10, 2012 /PRNewswire/ -- Chinese electronics 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 consumer electronics 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.

"Assurant Solutions' great culture, team effort and comprehensive business solution played a part in our decision-making process," said Wang Jian, CEO of Five Star, Vice President of Best Buy. "Assurant's global leadership, marketing capabilities and focus on a high quality customer experience as well as their success with Best Buy in Canada and Mexico make them a good fit for Five Star, as we aspire to provide the best services in our industry."

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 is the third largest retailer of consumer electronic appliances in China and is headquartered in Nanjing. Its sales revenue was 23 billion yuan in 2008. Five Star operates retail stores in seven provinces across China including Jiangsu, Anhui, Zhejiang, Shandong, Henan, Sichuan and Yunnan.

Founded in December 1998, Five Star originated as an air-conditioning wholesale and retail operation. In April 2001 Five Star opened a consumer electronic appliance stores in Nanjing, which focused on providing high-quality service, diversified products and competitive price for customers. This strategy resulted in significant growth. In May 2006, Five Star successfully accomplished a joint-venture relationship with Best Buy, the world's largest appliance and consumer electronics retailer.
http://www.cn5star.com/index.jsp

SOURCE Assurant Solutions