VAC Service Corp. Acquired by Bankers Warranty Group
The 25-year-old extended-service-plan company and warranty administrator VAC Service Corp. has been acquired by Bankers Warranty Group, Inc., a newly created, wholly owned subsidiary of St. Petersburg, Fla.-based Bankers Financial Corp.
The Group, according to VAC spokesperson Ron Marin, was formed for the purpose of placing both VAC, which specializes in warranties for consumer and office electronics as well as major appliances, and Bonded Builders Risk Management, a Bankers subsidiary offering warranties on homes, under the same roof within the corporate structure of the parent company, which has more than $300 million in assets.
At the helm of Bankers Warranty Group is Kevin Rupkey, an industry veteran who had worked at General Electric, Warrantech and Assurant and was most recently vice president and chief operating officer of 2-10 Home Buyers Resale Warranty Corp. Frank Trigo, formerly of Assurant, HMS Cross Country Home Services and Panasonic, also joins Bankers Warranty as part of the management team. James R. Tucker, who had been the sole owner of VAC before its assets were acquired by Bankers, exits the posts of president and CEO of VAC Service Corp. and becomes chairman of its board of directors.