VAC Acquired By Bankers Warranty
By Alan Wolf -- TWICE, 12/12/2005
St. Petersburg, Fla. — VAC Service Corp., one of the last remaining independent service plan administrators and an innovator in extended warranty products, has been acquired by Bankers Warranty Group, a wholly-owned subsidiary of Bankers Financial Corp., based here.
“We’re delighted to announce this acquisition, which is an important strategic move for Bankers into the consumer electronics warranty business,” said Kevin Rupkey, president/CEO of Bankers Warranty and a veteran of the extended service contract business. Rupkey described the move as a natural extension of another Bankers unit, Bonded Builders Risk Management, which is a leader in the home warranty industry.
VAC founder James R. Tucker has stepped down as president/CEO of the company, which he has owned and operated since 1980. “VAC faces a brighter than ever future, bolstered by the financial strength and stability which Bankers Insurance brings to the company,” he said of the sale.
Bankers Financial Group has grown from a small insurance company founded in 1976 into a diverse corporation with more than $300 million in assets and a reputation for innovative insurance products and superior customer service.
VAC administers warranty and extended service programs for a wide variety of products, including consumer and office electronics, major appliances, housewares, lawn and garden equipment, power tools, exercise and fitness equipment, bicycles, cameras, watches and jewelry, furniture and bedding, and automobile tires, among other categories. VAC also offers software support, PC installation and a wide variety of telephone support services.
Rupkey is a service contract industry veteran, having spent 14 years at General Electric and later running Warrantech Consumer Product Services and Warrantech Home Service Company. He also served as president/COO of Assurant Consumer Services (a.k.a. Federal Warranty Service Corp.), a Fortis subsidiary. Most recently, Rupkey served as VP/COO for 2-10 Home Buyers Resale Warranty Corp.
Joining Rupkey at Bankers Warranty is Frank Trigo, a former executive with Assurant Consumer Services, HMS/Cross Country Home Services and Panasonic. Trigo has more than 15 years of experience in the retail, service contract, and consumer electronics industries.
VAC remains headquartered in Middletown, N.Y.
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