Does Wesco Insurance Still Sell Insurance?

UPDATED: Jan 21, 2013

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UPDATED: Jan 21, 2013Fact Checked

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Asked January 21, 2013

1 Answer

The Wesco Insurance Company is a holding company, wholly owned by the AmTrust Financial Services Corporation. The parent company is listed as having assets of more than 250 million dollars and was previously rated by the A.M. Best Financial Ratings Company in May of 2012. At that time, the company was rated as "A" (excellent) with a stable long-term outlook of "A."

What is the history of Wesco?

The Wesco Insurance Company was founded in 1962 as a fire and casualty insurer. Wesco Insurance Company was based in New York City and had total assets of more than 32 million dollars at the time of their acquisition by AmTrust Financial Services. After the buyout, Wesco's policies were converted or allowed to expire, and the business was phased out of operations.

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What coverages were sold by the carrier?

Wesco was a fire and casualty insurer, serving both the private and commercial sectors with a variety of products. Business coverage choices included fire and commercial liability policies. Private coverage was available for the home, car, or other vehicles such as recreational vehicles, ATVs, and boats. Interested former customers can still get comparable policies through AmTrust Financial Services and their agents.

What Happened to the business?

During the financial collapse of 2008, Wesco was absorbed into a larger business, AmTrust Financial Services, Inc. Today, the company no longer sells policies under the Wesco company name, and previous customers have either been transferred over to AmTrust policies or been forced to find a policy with one of the insurers in their area.

Answered January 21, 2013 by Anonymous

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