|Type||Subsidiary of Ally Financial|
|Industry||Insurance and finance|
|Headquarters||Winston-Salem, NC, USA|
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.
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.
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. Security Life was sold to PennCorp, which was in turn sold to Southwestern Life Insurance in 2000. 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. 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.
The owners of GMAC insurance are the Karfunkels.
GMAC (also known as National General Insurance) is not BBB accredited.
- Majority of GMAC Insurance Group to be Acquired by Maiden Holdings. Globalsurance. Retrieved on 2013-09-04.
- Net Quotes. GMAC Insurance Information Net Quotes, December 30, 2007.
- Craver, Richard (December 8, 2011). "AmTrust plans may have local fallout". Winston-Salem Journal. p. A9.
- "SAM". Winston-Salem Journal. March 6, 2002. p. B2.
- "Company News; PennCorp Financial to Sell Some Insurance Units". The New York Times. January 11, 2000. Retrieved December 15, 2014.
- Craver, Richard (December 1, 2006). "GMAC Sale Won't Affect Local Jobs". Winston-Salem Journal. p. D1.
- Louis, Brian (October 6, 2004). "GMAC Complex Sold for $60 Million". Winston-Salem Journal. p. D1.
- "CoverHound Adds GMAC Insurance to Comparative Shopping Platform". Yahoo! Finance. March 2012.
- Insurance Journal  Insurance Journal, June 20, 2013
- Felder, Lynn (December 14, 2014). "Giving Back". Winston-Salem Journal. p. A1.
- Business Reviews http://www.bbb.org/stlouis/business-reviews/insurance-services/national-general-insurance-in-maryland-heights-mo-110205445/complaints
|This article on an insurance company is a stub. You can help Wikipedia by expanding it.|
|This North Carolina-related article is a stub. You can help Wikipedia by expanding it.|