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National General Insurance

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National General Insurance, formerly the GMAC Insurance Group is a Winston-Salem, North Carolina–based property and casualty insurance company. The company was founded in 1920. The company is the only insurance company in the United States to originate within the automotive industry.

National General Insurance
Company typeSubsidiary
IndustryInsurance, finance
Founded1920; 104 years ago (1920)
HeadquartersWinston-Salem, North Carolina, U.S.
ProductsVehicle insurance, Home insurance
RevenueUS$5.0 billion 2018[1]
Number of employees
8,440[1] (2019)
ParentAllstate

The holding company for National General Insurance Personal Lines is National General Holdings Corp. As of August 2016, the company was owned by Barry Karfunkel and his family. Barry Karfunkel became the president of the company when Michael Karfunkel died.[2]

History

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One of the two companies that became National General Insurance was life insurance company Integon, founded in Winston-Salem, North Carolina, in 1920.[3] The second company was Motors Insurance Company, founded in 1925 by General Motors. It was seen as a way to offer damage coverage to GM vehicles sold by dealers and financed by GMAC (now Ally Financial).[4]

In 1969, Integon Corp. started a holding company and began insuring high-risk drivers.[5][6] Integon underwent a number of changes in ownership and business emphases and struggled during the mid-1990s[citation needed], which included the 1994 purchase of Bankers and Shippers Insurance Company, headquartered in Burlington, North Carolina.[7] In June 1997, GMAC announced they were acquiring Integon in a deal valued at $550 million.[8] When the deal finally closed in October 1997, it was for $778M.[9] In 2000, Integon became GMAC Insurance Personal Lines.[10]

In 2006, General Motors sold 51% of GMAC (now Ally Financial) to an affiliate of Cerberus Capital Management; at the time, 1,179 worked in Winston-Salem.[11]

In 2009, American Capital Acquisition Corp., a unit of American Capital Partners LLC of Hauppauge, New York bought GMAC's U.S. consumer property-casualty insurance business GMAC Insurance Holdings, Inc.[9]

On July 1, 2013, GMAC Insurance changed its name to National General Insurance.[12] The Winston-Salem operation moved from downtown to Madison Park in June 2014.[13]

In July 2020, Allstate announced it was acquiring National General for $4 billion. The deal closed in January 2021.[14][15]

Products

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  • Auto Insurance
  • RV Insurance
  • Home Insurance
  • Small Business Auto Insurance
  • National General Motor Club
  • Motorcycle Insurance
  • Mexico Insurance
  • Asset Protection for Lenders
  • Collector/Classic Car Insurance
  • Health Insurance
  • Benefits Solutions

Source:[16]

References

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  1. ^ a b "National General Holdings". Fortune. Retrieved 2020-02-26.
  2. ^ "National General says CEO Michael Karfunkel dies". Reuters. 2016. Retrieved 2017-09-26.
  3. ^ "Integon to broaden its market". bizjournals.com. 1999-06-28. Retrieved 2016-08-13.
  4. ^ "Generations of GM History: Motors Insurance Corp". gmheritagecenter.com. Retrieved 2016-08-13.
  5. ^ "2002 PROPERTY AND CASUALTY TARGET MARKET CONDUCT EXAMINATION" (PDF). Floir.
  6. ^ "What Insurance Do I Need as a Sole Trader or Small Business Owner". insurance. Retrieved 2024-08-05.
  7. ^ "Greensboro News and Record Article by Meridith Barkley".
  8. ^ "GMAC buys auto insurer". cnn.com. 1997-06-23. Retrieved 2016-08-13.
  9. ^ a b "GMAC Sold: AmTrust says it intends to keep majority of jobs in Winston-Salem". journalnow.com. 2009-10-20. Retrieved 2016-08-13.
  10. ^ "Integon to broaden its market". Biz Journals.
  11. ^ Craver, Richard (December 1, 2006). "GMAC Sale Won't Affect Local Jobs". Winston-Salem Journal. p. D1.
  12. ^ Insurance Journal [1] Insurance Journal, June 20, 2013
  13. ^ Felder, Lynn (December 14, 2014). "Giving Back". Winston-Salem Journal. p. A1.
  14. ^ "Allstate insurance company acquires National General for $4 billion". 2020-07-08. Retrieved 2020-07-08.
  15. ^ "A Allstate Closes Acquisition of National General Holdings Corp". MarketWatch. 2021-01-04.
  16. ^ "Insurance". Official Website. Retrieved 26 May 2020.
 

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