NEW YORK –

AmTrust Financial Services recently entered into a definitive agreement to acquire Warranty Solutions, a Wells Fargo business, for $152 million in cash.

Officials highlighted Warranty Solutions designs, markets, administers and underwrites vehicle service contracts for new and used vehicles through a national network of more than 70 active agencies, and 1,500 franchised and independent dealers.

Pending regulatory approval, the companies anticipate closing will occur in the third quarter.

Warranty Solutions is comprised of the following corporate entities:

— Warranty Solutions Management Corp.
— Heritage Indemnity Co.
— Westlake Insurance Co.
— Warranty Solutions Administrative Services
— WS Aftermarket Services Corp.
— Heritage Mechanical Breakdown Corp.

Upon closing, Warranty Solutions will retain its existing name, leadership, team members and continue working in Lakewood, Colo.

“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,” AmTrust Financial Services president and chief executive officer Barry Zyskind said.

“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 continued.