GMAC Insurance Personal Lines Announces New Ownership by American Capital Acquisition Corporation
Operations & Strong Customer Service Will Continue Uninterrupted As New Capital Investment Offers Opportunities For Enhancements To Products, Service & Marketability
WINSTON-SALEM, N.C., March 2 /PRNewswire/ -- GMAC Insurance Personal Lines announced today it has completed its transition to new ownership by American Capital Acquisition Corporation (ACAC). Under the deal, GMAC Insurance's U.S. consumer property and casualty insurance business, which includes automobile, commercial vehicle, motorcycle and RV insurance offerings, will continue normal daily operations as it identifies key development initiatives to advance its competitive position.
GMAC Insurance's headquarters will remain in Winston-Salem, N.C. and, effective immediately, the company will transition leadership from interim CEO Mary Hennessey to Larry Pentis, who joins GMAC Insurance from The Commerce Group, where he ran all operations outside of Massachusetts. Pentis spent the majority of his career at the AAA club headquartered in San Francisco. At AAA, he was responsible for all aspects of the insurance operation (auto, home and life) with net written premium of $2.2 billion. Over a five-year period, Larry expanded the AAA insurance business from three states to sixteen states with net written premium growth of $600 million. Under Pentis' leadership, the GMAC Insurance senior management team will continue marshaling the company's continued growth.
"Larry is a seasoned and successful insurance professional with over twenty-seven years of experience," said Michael Karfunkel, Chairman of ACAC. "Larry has a collaborative leadership style emphasizing open and honest communication."
As part of the deal, GMAC Insurance Personal Lines has retained the right to use the name "GMAC Insurance" in association with its remaining insurance operations for some time. GMAC Insurance will continue to be used in all operations while a strategic review of all brand marketing is conducted. However, Karfunkel emphasized the transition will not impact existing procedures such as customer service, sales and claims operations. All existing policies and coverage will remain in full force, and the company will maintain all formal agency and affinity group partnerships.
Industry watchers noted the sale to ACAC -- whose sole focus is insurance operations -- represents a strategic pairing. The company's connection to the automotive industry and deep understanding of the American driver is a major differentiator in the insurance arena. Executives say financial support from new ownership will allow GMAC Insurance Personal Lines to offer a wide range of new options, benefits, features and services across a variety of automotive, commercial vehicle, RV, motorcycle and other insurance products. The addition of more robust operational and technological capabilities will enhance the company's strong consumer insurance offerings.
GMAC Insurance Personal Lines has been operating continually since 1925. It has consistently and profitably grown over the decades into its current position as a Top 20 auto insurance company in the US. GMAC Insurance provides specialty "private label" and direct insurance products marketed to a wide variety of affinity groups. In addition, GMAC Insurance possesses a strong market position with a network of over 10,000 independent agents and brokers. Today it operates in 47 states and the District of Columbia with a nationwide network of claims professionals, local independent agents and a 24-hour, toll-free claims hotline available 365 days a year.
The GMAC Insurance Dealer Products & Services group and other international personal lines insurance operations were not included in the transaction. These operations continue to remain a part of GMAC Financial Services.
For more information about GMAC Insurance Personal Lines or to find a local independent agent, call 877-468-3466 or visit www.gmacinsurance.com.
GMAC Insurance Personal Lines is one of the largest automobile insurers in the United States and is owned by American Capital Acquisition Corporation. GMAC Insurance Personal Lines offers a variety of property and casualty products, including personal auto, RV, motorcycle, commercial auto and homeowners insurance. With a nationwide network of claims professionals, local independent agents and a 24-hour, toll-free claims hotline available 365 days a year, GMAC Insurance provides superior claims service for its customers.
About American Capital Acquisition Corporation
American Capital Acquisition Corporation is a newly formed corporation. The principal of ACAC was a founder of AmTrust Financial Services, Inc. (AFSI) and Maiden Holdings, Ltd. (MHLD), and has had a long successful history in financial services.
CONTACT: Tate Strickland of GMAC Insurance Personal Lines, +1-770-677-5281 Tate.email@example.com