National General Insurance , formerly GMAC Insurance Group is a property insurer and accident victim of Winston-Salem, North Carolina. The company was founded in 1920. This company is the only insurance company in the United States that comes from within the automotive industry.
The parent company for National General Insurance Personal Lines is National General Holdings Corp. In August 2016, the company is owned by Barry Karfunkel and his family. Barry Karfunkel became president of the company when Michael Karfunkel died.
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History
One of the two companies that became the National General Insurance was Integon Life Insurance, which was founded in Greensboro, North Carolina in 1920. The second company is a Motor Insurance Company, founded in 1925 by General Motors. It is seen as a way to offer damage coverage on GM vehicles sold by dealers and financed by GMAC (now Ally Financial).
In 1969, Integon Corp. started its parent company and began insuring high-risk drivers. Integon underwent a number of changes in ownership and business emphasis and fought during the mid-1990s. In June 1997, GMAC announced they acquired Integon in a deal worth $ 550 million. When the deal finally closed in October 1997, it was $ 778 million. In 2000, Integon became GMAC Insurance Personal Lines.
In 2006, General Motors sold 51% of GMAC (now Ally Financial) to Cerberus Capital Management affiliates; at that time 1,179 worked in Winston-Salem.
In 2009, American Capital Acquisition Corp., a unit of American Capital Partners LLC of Hauppauge, N.Y. bought the property-casualty insurance business of GMAC in the US. GMAC Insurance Holdings, Inc.
On July 1, 2013, GMAC Insurance changed its name to National General Insurance . The Winston-Salem operation moved from downtown to Madison Park in June 2014.
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References
Source of the article : Wikipedia
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