Wesco Financial Corporation is engaged in three principal businesses, through its direct or indirect wholly owned subsidiaries: the insurance business, through Wesco-Financial Insurance Company (Wes-FIC) and engages in the property and casualty insurance business, and The Kansas Bankers Surety Company (KBS) purchased by Wes-FIC in 1996 and provides specialized insurance coverages for banks; the furniture rental business, through CORT Business Services Corporation (CORT), which traces its presence to the combination of five regional furniture rental companies in 1972 and was purchased by Wesco in 2000, and the steel service business, through Precision Steel Warehouse, Inc. (Precision Steel), which was begun in 1940 and acquired by Wesco in 1979. Wesco’s operations also include, through another wholly owned subsidiary, MS Property Company (MS Property), management of owned commercial real estate in downtown Pasadena, California.