US-based AmTrust Financial Services has completed the acquisition of Wells Fargo business, Warranty Solutions, for around $158m in cash.
The deal was first announced by both firms in May this year.
Warranty Solutions offers vehicle service contracts and auto-related finance and insurance products to automobile dealerships in the US.
AmTrust Financial Services president and CEO Barry Zyskind said: "We are excited to welcome the employees, agents and customers of Warranty Solutions to the AmTrust family of companies.
"The addition of Warranty Solutions’ strong reputation and extensive market presence should profitably add to our already successful vehicle extended warranty business."
Through a network of around 70 active agencies and 1,500 franchised and independent dealers, Warranty Solutions designs, markets, administers and underwrites vehicle service contracts for new and used automobiles.
The firm includes corporate entities, comprising Warranty Solutions Management, Heritage Indemnity, Westlake Insurance, Warranty Solutions Administrative Services, WS Aftermarket Services and Heritage Mechanical Breakdown.
Warranty Solutions Management administers vehicle service contracts in all states except Florida, Arizona, Alaska and Wisconsin.
Warranty Solutions Administrative Services administers vehicle service contracts in Florida, Arizona, Alaska and Wisconsin.
Through its primary insurance subsidiaries, AmTrust provides property and casualty insurance products such as workers’ compensation, commercial automobile, general liability and extended service and warranty coverage.
Image: Warranty Solutions provides vehicle service contracts and auto-related finance and insurance products to automobile dealerships in the US. Photo: courtesy of Naypong/ FreeDigitalPhotos.net.