Tag Archive | "Warranty Solutions"

Warranty Solutions and the Arbor Day Foundation Celebrate the Planting of More Than 1.7 Million Trees

Lakewood, Colo.– Warranty Solutions through its partnership with the Arbor Day Foundation is pleased to announce that together we have planted more than 1.7 million trees in our nations forest. The partnership between the two entities began in 2009 to help improve air quality, water quality, mitigate the effects of climate change, combat deforestation and prevent species loss. To-date, the number of trees planted would offset the emissions of approximately 5,856 cars for one year.

In 2009, Warranty Solutions launched the eco-friendly EcoMind product option, providing additional mechanical breakdown coverage for the parts that help vehicles run more efficiently, burn fuel more cleanly and reduce overall emission output. Throughout the last nine years of Warranty Solutions’ partnership with the Arbor Day Foundation, on average, 25 trees were planted for each EcoMind product option purchased.

Agent Partner, Cary Berman, said “Most of our customers are parents and they purchase the EcoMind product option for the benefit of future generations. EcoMind helps to keep the vehicle running clean, and at the same time, we work with the Arbor Day Foundation to plant trees.”

Plantings have occurred in 18 forests nation-wide including: Big Thompson Canyon, CO, Washington Department of Natural Resources NW Region, WA, Washington Klickitat District, WA, Tillamook State Forest, OR, Idaho National Forest, ID, Modoc National Forest, CA, Plumas National Forest, CA, Pike National Forest, CO, Black Forest, CO, Upper Altamaha River Watershed, GA, Bayfield County Forrest, WI, Pere Marquette State Forest, MI, Michigan State Forest, MI, Manchester State Forest, SC, Little River State Forest, AL, Cary State Forest, FL, Bastrop State Park, TX and the Mississippi Alluvial Valley, MS.

“We are grateful for the stewardship of our nation’s forests by Warranty Solutions and the example they set,” said Dan Lambe, President, the Arbor Day Foundation. “Because of their commitment forests and the lives they impact have been changed for the better across our great nation.”

Founded in 1972, the Arbor Day Foundation has grown to become the largest nonprofit membership organization dedicated to planting trees, with more than one million members, supporters, and valued partners. Their vision is to help others understand and use trees as a solution to many of the global issues we face today, including air quality, water quality, climate change, deforestation, poverty and hunger.

As one of the world’s largest operating conservation foundations, the Arbor Day Foundation, through its members, partners like Warranty Solutions, and programs, educates and engages stakeholders and communities across the globe to involve themselves in its mission of planting, nurturing and celebrating trees. More information is available at arborday.org.

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The Warranty Group, Inc. Names Nelson J. Chai as President and Chief Executive Officer

CHICAGO – The Warranty Group, a leading global provider of warranty solutions and underwriting services, announced today that Nelson J. Chai will join the company as its new President and Chief Executive Officer, effective January 4, 2017. Thomas W. Warsop III, President and Chief Executive Officer since August 2012, will leave to pursue other opportunities after overseeing a transition to Mr. Chai.

“The TWG team is one of the best I have worked with throughout my career, and I know the company will continue to be a leader in the warranty, loyalty and business intelligence landscape,” said Mr. Warsop.

“Tom was instrumental in transforming the company from a spun-off division of Aon Corporation to a formidable, stand-alone competitor with industry-leading capabilities in major markets around the world,” explained Eric Leathers, Chairman, Board of Directors, The Warranty Group, Inc. “On behalf of the Board and TPG Capital, I thank Tom for his leadership and service.”

Mr. Chai is former President of CIT Group, Inc., a publicly-traded commercial bank with a market capitalization of over $8 billion and more than $65 billion in assets. He has a track record of success at some of the largest and most successful public companies in the financial services industry, including serving as Chief Financial Officer of Merrill Lynch & Co., NYSE Euronext, the parent company of the New York Stock Exchange, and Archipelago Holdings, the first fully-electronic stock exchange in the US.

“The Warranty Group has been an industry leader for more than fifty years and I am honored to be entrusted to position it for continued growth in the future,” said Mr. Chai. “I look forward to the opportunities ahead and working with the TWG team.”

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A.M. Best Comments on Ratings of Heritage Indemnity Company Following AmTrust Financial Services Agreement

OLDWICK, N.J. — A.M. Best has commented that the financial strength rating of A (Excellent) and the issuer credit rating of “a” for Heritage Indemnity Company (HICO) (headquartered in Lakewood, CO) remain unchanged following the recent announcement of its agreement with AmTrust Financial Services, Inc. (AmTrust) (headquartered in New York, NY).

AmTrust has entered into a definitive agreement to acquire Warranty Solutions, a Wells Fargo business for $152 million in cash. Warranty Solutions, which includes HICO, designs and markets, administers, and underwrites vehicle service contracts for new and used automobiles through a national network of independent agents and franchised and independent dealers.

Pending regulatory approval, the parties anticipate the closing will occur in the third quarter of 2015. The ratings for Heritage Indemnity reflect the company’s solid risk-adjusted capitalization, consistently favorable results and geographic diversification.

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AmTrust to Acquire Wells Fargo’s Warranty Solutions

NEW YORK — AmTrust Financial Services Inc. announced today that it has entered into a definitive agreement to acquire F&I product provider Warranty Solutions from Wells Fargo for $152 million in cash. Pending regulatory approval, the deal is expected to close in the third quarter 2015.

Warranty Solutions was part of Wachovia Dealers Services when Wells Fargo purchased the finance source in a $15.1 billion all-stock deal in October 2008. Prior to that, the Lakewood, Colo.-based F&I product provider operated as GE Money Warranty Services. Today, it administers and underwriters vehicle service contracts through a national network of more than 70 active agencies and 1,500 franchise and independent dealers.

“The acquisition of Warranty Solutions provides an outstanding opportunity for our company to expand our successful vehicle extended warranty operation while also adding to our differentiated service and fee business,” said Barry Zyskind, president and CEO of AmTrust Financial Services, in a company press release. “Warranty Solutions is an excellent fit for our organization and we look forward to welcoming the talented individuals that have built Warranty solutions into a successful business.”

Zyskind hinted that the multinational insurance holding company was closing in on an acquisition during AmTrust Financial’s first quarter earnings call on Tuesday, May 5, noting that AmTrust had raised capital during the quarter and that its balance sheet was on “very solid footing” to both grow through acquisitions and organically.

“We continue to excel, buying, looking for companies that fit within our niche, whether we are buying it below book value and gaining on the acquisitions and getting a book of business, or we’re looking for fee business that will ultimately increase our return and drive profitable premium to the organization.

“So that’s something that we continue to focus on; strengthen the team and grow our acquisition capability,” he said.

AmTrust has been active in the automotive space. In August 2010, the company completed its purchase of Warrentech. It also purchased Ally Insurance’s Car Care Plan, which provides insurance and administrative services to vehicle manufacturers for extended warranties, GAP, wholesale floorplan insurance and other F&I products, in February 2013.

A spokesperson for AmTrust said on Thursday that the company expects to retain Warranty Solutions’ management team and all of the firm’s employees. She added that there are no plans to change the name of company or move it from its Colorado offices.

Wells Fargo issued the following statement regarding the pending sale to F&I and Showroom: “As part of our normal processes, we evaluate our businesses and occasionally make decisions to expand or contract in a particular area. After an evaluation of Warranty Solutions, we determined that — under the ownership of a company like AmTrust that specializes in the aftermarket product business — Warranty Solutions would be better positioned to continue growing. We are happy that existing team members will transition to AmTrust.”

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Warranty Solutions

P.O. Box 140057
Lakewood, CO 80214
T: 303-987-5500

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Warranty Solutions’ VSC Option Results in 50,000 Trees Planted

LAKEWOOD, Colo. – As part of its mission to protect consumers and the environment, Warranty Solutions, a provider of vehicle service contracts, has made donations to the Arbor Day Foundation over the last year. As a result, nearly 50,000 trees have been planted to date.

The funds have come from sales of Warranty Solutions’ EcoMind option, which is mechanical breakdown coverage for parts that help vehicles run more efficiently, burn fuel more cleanly and reduce overall emissions.

EcoMind costs only $75 and covers the following components:

  • vapor emissions canisters
  • distributor cap
  • catalytic converter
  • muffler
  • exhaust pipes
  • PCV valve
  • smog pump
  • spark plug wires
  • ignition coil boot
  • connectors

A moderate failure of any one of these components could cost significantly more than cost of the EcoMind option.

The success of this product has made it possible for trees to be planted in the Plumas National Forest in California, the Little River State Forest in Alabama and the Pike National Forest in Colorado. Forests and species are chosen based on typography, climate and need.

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