Wesco Financial Corporation, together with its subsidiaries, engages in insurance, furniture rental, and steel service center businesses in the United States. The company�s Insurance segment provides property and casualty insurance, and reinsurance products, as well as specialized insurance coverage for banks. Its product line for financial institutions includes policies for crime insurance, check kiting fraud indemnification, Internet banking catastrophe theft insurance, directors and officers liability, bank employment practices, and bank insurance agents professional errors and omissions indemnity, as well as deposit guaranty bonds. The company�s Furniture Rental segment provides rental furniture, accessories, and related services to corporate and individual customers; offers various office and home furnishings, including commercial panel systems, televisions, housewares, and accessories; sells previously rented furniture through company-owned clearance centers; and provides apartment locator service. As of December 31, 2007, it operated 86 showrooms, 75 clearance centers, and 74 warehouses, as well as 8 Web sites in 32 states. This segment�s customers include small businesses, professionals, and owners and operators of apartment communities. The company�s Industrial segment operates steel service centers to buy stainless steel, low carbon sheet and strip steel, coated metals, spring steel, brass, phosphor bronze, and aluminum; cut these metals to order; and sell them to various customers in the Chicago and Charlotte metropolitan areas. It also manufactures shim stock and other toolroom specialty items, as well as distributes hose clamps and threaded rod under the Precision Brand and DuPage names through industrial distributors. In addition, the company owns a commercial real estate in downtown Pasadena, California. The company was founded in 1925 and is based in Pasadena, California. Wesco Financial Corporation is a subsidiary of Berkshire Hathaway, Inc.
$366.0 (09/06/08)
