Kansas Bankers Surety Company

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Kansas Bankers Surety Company
Subsidiary
IndustryInsurance
Founded1909; 110 years ago (1909) in Kansas, United States
Headquarters,
Area served
Midwestern United States
ProductsInsurance, Surety bonds
ParentBerkshire Hathaway
Websitekbsforbanks.com

Kansas Bankers Surety Company (KBS) is an insurance company based in the United States. It is a subsidiary of Berkshire Hathaway, the investment vehicle of Warren Buffett. It specializes in the writing of surety bonds for the officers of small, state chartered banks in the Midwestern United States. It formerly also wrote deposit insurance at such banks for coverage in excess of the per-depositor limits of the Federal Deposit Insurance Corporation, but this line of business was discontinued in 2008.

Kansas Bankers Surety was acquired by Wesco Financial Corporation in 1996.[1] Berkshire Hathaway had owned 80% of Wesco since the 1970s, and in 2010 it announced its intention to acquire the remainder and become 100% owner of Wesco.[2] Kansas Bankers Surety became part of the Berkshire Hathaway Homestate Companies on December 31, 2013.[3] As part of a 2015 rebranding, the company began referring to itself as simply KBS.[4]

In 2016, KBS announced that it would be exiting the bank insurance market and discontinuing all insurance products.

References[edit]

  1. ^ WESCO FINANCIAL CORPORATION LETTER TO SHAREHOLDERS 1997
  2. ^ "Warren Buffett offers to buy rest of Wesco Financial". The Los Angeles Times. Reuters. August 26, 2010. Retrieved 2016-11-29.
  3. ^ "About KBS: 2013". KBS. Retrieved 2016-11-29.
  4. ^ "About KBS: 2015". KBS. Retrieved 2016-11-29.

External links[edit]