National General Insurance, formerly the GMAC Insurance Group is a

Winston-Salem, North Carolina Winston-Salem is a city and the county seat of Forsyth County, North Carolina, United States. In the 2020 United States census, 2020 census, the population was 249,545, making it the second-largest municipality in the Piedmont Triad region, the Li ...

-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. 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.

History

One of the two companies that became National General Insurance was life insurance company Integon, founded in

in 1920. The second company was Motors Insurance Company, founded in 1925 by

General Motors The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...

. It was seen as a way to offer damage coverage to GM vehicles sold by dealers and financed by GMAC (now

Ally Financial Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mor ...

). In 1969, Integon Corp. started a holding company and began insuring high-risk drivers. Integon underwent a number of changes in ownership and business emphases and struggled during the mid-1990s. In June 1997, GMAC announced they were acquiring Integon in a deal valued at $550M. When the deal finally closed in October 1997, it was for $778M. In 2000, Integon became GMAC Insurance Personal Lines. In 2006, General Motors sold 51% of GMAC (now Ally Financial) to an affiliate of

Cerberus Capital Management Cerberus Capital Management, L.P. is an American private equity firm,Leaders Magazine"Providing Economic Opportunity: An Interview with The Honorable Dan Quayle, Chairman, Cerberus Global Investments, LLC". specializing in distressed investing. ...

; at the time 1,179 worked in Winston-Salem. In 2009, American Capital Acquisition Corp., a unit of American Capital Partners LLC of

Hauppauge, New York Hauppauge ( ) is a hamlet and census-designated place (CDP) in the towns of Islip and Smithtown in Suffolk County, New York on Long Island. The population was 20,882 at the time of the 2010 census. Geography Hauppauge is located at (40.818205, ...

bought GMAC's U.S. consumer property-casualty insurance business 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. In July 2020,

Allstate The Allstate Corporation is an American insurance company, headquartered in Northfield Township, Illinois, near Northbrook since 1967. Founded in 1931 as part of Sears, Roebuck and Co., it was spun off in 1993 but still partially owned by ...

announced it was acquiring National General for $4 billion. The deal closed in January 2021.

Products

* 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:

References

Companies formerly listed on the Nasdaq 1920 establishments in North Carolina American companies established in 1920 Financial services companies established in 1920 Insurance companies of the United States 2021 mergers and acquisitions Companies based in Winston-Salem, North Carolina Allstate American corporate subsidiaries {{NorthCarolina-stub