NEW YORK –

AmTrust Financial Services recently completed of the acquisition of Warranty Solutions from Wells Fargo & Co. for approximately $158 million in cash.

Officials indicated the transaction is expected to be immediately accretive, meaning it will add more value than the cost of the acquisition.

The company recapped that 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.

“We are excited to welcome the employees, agents and customers of Warranty Solutions to the AmTrust family of companies,” AmTrust Financial Services president and chief executive officer Barry Zyskind said.

“The addition of Warranty Solutions' strong reputation and extensive market presence should profitably add to our already successful vehicle extended warranty business,” Zyskind added.

Warranty Solutions is comprised of the following corporate entities:

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