Company type | Subsidiary |
---|---|
Industry | Insurance, Renting, Steel |
Founded | 1959 |
Fate | Acquired by Berkshire Hathaway |
Headquarters | 301 East Colorado Boulevard, , |
Key people | Charlie Munger (former chairman and CEO) |
Revenue | US$12.236 billion (2020) [1] |
US$347 million (2020) [2] | |
US$70 million (2020) [3] | |
Total assets | US$11.880 billion (2020) [4] |
Total equity | US$3336.389 million (2020) [5] |
Owner | Berkshire Hathaway |
Number of employees | 2291 (14 at KBS, 2100 at CORT, 172 at Precision Steel, 5 at Wesco) (as of 2010) |
Website | www |
Wesco Financial Corporation was an American diversified financial corporation headquartered in Pasadena, California. Wesco was originally the holding company for Mutual Savings, a savings and loan association. Mutual Savings' thrift operations were sold to CenFed Bank in 1993. [6] It was for a long time 80.1% owned by Blue Chip Stamps, which is now completely and fully owned by Berkshire Hathaway, which is controlled by legendary investor Warren Buffett. Charlie Munger, the vice-chairman of Berkshire Hathaway and Buffett's business partner, was CEO and chairman of Wesco from 1984 to 2011. Munger, formerly a practicing attorney, is known for his straight-shooting style and his conduct at the now discontinued Wesco shareholder meetings in Pasadena, where he used to interact with the outside investors at considerable length. [7] In June 2011, Berkshire Hathaway acquired the approximately 20% of Wesco that it did not already own, making it a wholly owned subsidiary of that company. [8]
Wesco Financial was previously likened to a miniature version of Berkshire Hathaway by certain observers, although Buffett and Munger cautioned investors that this was not an appropriate comparison. Like its parent company, Wesco provided insurance and reinsurance; it does so through subsidiaries Wesco-Financial Insurance Company and Kansas Bankers Surety. It also held shares in some of the same companies as Berkshire, like Coca-Cola, Kraft Foods, Procter & Gamble, and Wells Fargo. Controlling interests include CORT Business Services and Precision Steel Warehouse, which has steel service centers in Chicago and Charlotte, North Carolina.
Wesco did business in three major categories; insurance, furniture rental, and steel service. The following wholly owned subsidiaries handled most of Wesco's business:
Warren Edward Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of June 2024, he had a net worth of $135 billion, making him the tenth-richest person in the world.
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Founded in 1839 as a textile manufacturer, it transitioned into a major conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger.
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General Reinsurance Corporation is an American multinational property/casualty and life/health reinsurance company offering a range of reinsurance products and services. The company is a primarily direct reinsurer and is represented in all major reinsurance markets worldwide through a network of more than 40 offices. Gen Re is a wholly owned subsidiary of Berkshire Hathaway Inc.
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