National General Insurance

National General Insurance
Subsidiary
Industry Insurance and finance
Founded 1939
Headquarters Winston-Salem, North Carolina, United States
Products Vehicle insurance, Home insurance
Parent National General Holdings Corp.
Website www.nationalgeneral.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 was 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 National General Insurance are the Karfunkels. The holding company for National General Insurance Personal Lines is National General Holdings Corp. NASDAQ: NGHC

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]

National General Insurance is BBB accredited.[11]

References

  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. 1 2 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 Insurance Journal, June 20, 2013
  10. ↑ Felder, Lynn (December 14, 2014). "Giving Back". Winston-Salem Journal. p. A1.
  11. ↑ BBB Reviews http://www.bbb.org/northwestern-north-carolina/business-reviews/insurance-companies/national-general-in-winston-salem-nc-626


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