GMAC Insurance

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GMAC Insurance
Type Subsidiary of Ally Financial
Industry Insurance and finance
Founded 1939
Headquarters Winston-Salem, NC, USA
Products Auto insurance
Website www.gmacinsurance.com
GMAC Insurance Tower in Downtown Winston-Salem

Founded in 1939 as Motors Insurance Corporation, the GMAC Insurance Group is a property and casualty insurance company in the United States and is a subsidiary of Ally Financial. Ally has agreed to sell GMAC Insurance Group to Maiden Holdings pending regulatory approval.[1]

GMAC Insurance is the only insurance company in the United States to come from within the automotive industry.

The GMAC Insurance umbrella constitute the 15th-largest underwriting company in the United States.[2]

The Winston-Salem, North Carolina operation began after Security Life and Trust, started in 1920 in Greensboro, moved to Winston-Salem later in the year. Integon Corp. started a holding company in 1969 and began insuring high-risk drivers. General Motors bought Integon in October 1997 in a $778 million deal, and in 2000, Integon became GMAC Insurance Personal Lines.[3] Security Life was sold to PennCorp, which was in turn sold to Southwestern Life Insurance in 2000.[4][5] General Motors sold 51 percent of GMAC Financial Services to Cerberus FIM Investors LLC in 2006; at the time 1,179 worked in Winston-Salem.[6] American Capital Acquisition Corp. bought GMAC Insurance Personal Lines in March 2010. As of 2011, 700 people worked in the 18-story building built in 1980 on Fifth Street in Winston-Salem and bought by Inland Western Retail Real Estate Trust Inc. as part of a $60 million deal in 2004.[3][7]

The owners of GMAC insurance are the Karfunkels.

In March 2012, GMAC Insurance was added to the CoverHound comparison shopping platform.[8]

Effective July 1, 2013, GMAC Insurance changed its name to National General Insurance.[9] The Winston-Salem operation moved from downtown to Madison Park in June 2014.[10]

GMAC (also known as National General Insurance) is not BBB accredited.[11]

References[edit]

  1. ^ Majority of GMAC Insurance Group to be Acquired by Maiden Holdings. Globalsurance. Retrieved on 2013-09-04.
  2. ^ Net Quotes. GMAC Insurance Information Net Quotes, December 30, 2007.
  3. ^ a b Craver, Richard (December 8, 2011). "AmTrust plans may have local fallout". Winston-Salem Journal. p. A9. 
  4. ^ "SAM". Winston-Salem Journal. March 6, 2002. p. B2. 
  5. ^ "Company News; PennCorp Financial to Sell Some Insurance Units". The New York Times. January 11, 2000. Retrieved December 15, 2014. 
  6. ^ Craver, Richard (December 1, 2006). "GMAC Sale Won't Affect Local Jobs". Winston-Salem Journal. p. D1. 
  7. ^ Louis, Brian (October 6, 2004). "GMAC Complex Sold for $60 Million". Winston-Salem Journal. p. D1. 
  8. ^ "CoverHound Adds GMAC Insurance to Comparative Shopping Platform". Yahoo! Finance. March 2012. 
  9. ^ Insurance Journal [1] Insurance Journal, June 20, 2013
  10. ^ Felder, Lynn (December 14, 2014). "Giving Back". Winston-Salem Journal. p. A1. 
  11. ^ Business Reviews http://www.bbb.org/stlouis/business-reviews/insurance-services/national-general-insurance-in-maryland-heights-mo-110205445/complaints