 In July 2000, the company was officially converted into a financial holding company under the Bank Holding Company Act, which allowed it to engage in all financial related activities, including those with stricter regulatory standards than banking such as insurance and market securities.In 2001, W Holding created Westernbank Insurance Corp., a general insurance agent.This move diversified the company's services while at the same time improving its investment portfolio, given that it could now place property, casualty, life and disability insurance while generating commission income.