American Bankers Insurance Group Inc. expansion in the extended service market in Canada.MIAMI--(BUSINESS WIRE)--April 10, 1995--American Bankers Insurance Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABIG ABIG American Bankers Insurance Group ABIG Access Bus Industry Group ) through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Federal Warranty Service Corp. (Federal Warranty), announced it has signed an agreement with Aventure Electronique Inc. (Aventure)/Adventure Electronics Inc. (Adventure) to market and administer their extended service contracts. This transaction became effective April 1. This agreement with Aventure/Adventure will continue to strengthen American Bankers' position in the Canadian extended service marketplace. Aventure is a leading specialty retailer of brand-name consumer electronics products in terms of sales Terms of sale Conditions under which a firm proposes to sell its goods or services for cash or credit. in the Providences of Quebec and Ontario. Aventure/Adventure's key business strategy is to reach the largest number of consumers through two distinct and highly complementary types of stores operating under the same name: the superstore which targets the destination shopper and the boutique which targets the needs of the shopping centers' clientele, including the impulse buyer. The gross warranty premiums for this program, during 1995, is expected to be $15 million. The extended service market is one of the company's targeted high-growth product lines in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . This transaction with Aventure through Federal Warranty is a major step for American Bankers in the Canadian market. Extended service contracts are extended warranties covering consumer durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. such as, consumer electronics and appliances. Historically, the claim patterns on this business have been predictable and not susceptible to catastrophic exposures. American Bankers is provided with income to underwrite, service and administer the extended service programs for a number of retailers and other clients throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. American Bankers Insurance Group Inc., headquartered in Miami, is an international specialty wholesaler and marketer of insurance products, services and programs to clients in markets not traditionally serviced by other insurance companies. American Bankers is one of the leading providers of credit-related insurance programs in the United States, Canada and the Caribbean. The company also conducts business in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the United Kingdom. The company concentrates on marketing through leading financial institutions, retailers, and other entities which provide consumer and mortgage financing as a regular part of their business. CONTACT: American Bankers Insurance Group Inc., Miami P. Bruce Camacho, 305/252-7060 |
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