AmTrust Financial Services, Inc. announced the completion of the acquisition of Warranty Solutions® a Wells Fargo business from Wells Fargo & Company for approximately $158 million in cash. The transaction is expected to be immediately accretive.
Warranty Solutions designs, markets, administers and underwrites vehicle service contracts for new and used automobiles through a national network of more than 70 active agencies, and 1,500 franchised and independent dealers.
"We are excited to welcome the employees, agents and customers of Warranty Solutions to the AmTrust family of companies," said AmTrust Financial Services, Inc. President and CEO, Barry Zyskind. "The addition of Warranty Solutions' strong reputation and extensive market presence should profitably add to our already successful vehicle extended warranty business."
"We are very excited about this strategic alliance that has now allowed us to further leverage our ability to be all things needed for our dealer clients. With our continued alliance with Wells Fargo Dealer Services and now the addition of products that AmTrust brings to the table, we will truly be able to help our dealers with all the financial services and insurance services they need" states Nick D'Amico, President of Automotive Assurance Group. Automotive Assurance Group is the Number One agency in the country for Warranty Solutions products.
Warranty Solutions is comprised of the following corporate entities: Warranty Solutions Management Corporation, Heritage Indemnity Company, Westlake Insurance Company (Bermuda) Ltd., Warranty Solutions Administrative Services, Inc., WS Aftermarket Services Corporation and Heritage Mechanical Breakdown Corporation.
About Warranty Solutions
Warranty Solutions, a Wells Fargo business, provides quality Vehicle Service Contracts and auto-related finance and insurance products to automobile dealerships nationwide. The Warranty Solutions group of businesses includes Vehicle Service Contracts that are administered by Warranty Solutions Management Corporation in all states except Florida, Arizona, Alaska and Wisconsin. In Florida, Arizona, Alaska and Wisconsin, Vehicle Service Contracts are administered by Warranty Solutions Administrative Services, Inc. (FL License #60079). In Florida, Vehicle Service Contracts are also issued by Heritage Mechanical Breakdown Corporation (FL License #60072). All Vehicle Service Contracts offered are insured by Heritage Indemnity Company (CA Certificate of Authority #08549/2008), which is licensed in all states and is rated "A" (Excellent) by A.M. Best Company. Vehicle Service Contracts are not available in all states.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York City, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries rated "A" (Excellent) by A. M. Best Company.