National General Insurance

Last updated
National General Insurance
Type Subsidiary
Industry Insurance, finance
Founded1920;103 years ago (1920)
Headquarters Winston-Salem, North Carolina, U.S.
Products Vehicle insurance, Home insurance
RevenueUS$5.0 billion2018 [1]
Number of employees
8,440 [1]  (2019)
Parent Allstate

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.

Contents

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

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] Integon underwent a number of changes in ownership and business emphases and struggled during the mid-1990s.[ citation needed ] In June 1997, GMAC announced they were acquiring Integon in a deal valued at $550M. [6] When the deal finally closed in October 1997, it was for $778M. [7] In 2000, Integon became GMAC Insurance Personal Lines. [8]

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. [9]

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. [7]

On July 1, 2013, GMAC Insurance changed its name to National General Insurance. [10] The Winston-Salem operation moved from downtown to Madison Park in June 2014. [11]

In July 2020, Allstate announced it was acquiring National General for $4 billion. The deal closed in January 2021. [12] [13]

Products

Source: [14]

Related Research Articles

<span class="mw-page-title-main">General Motors</span> American multinational automotive company

General Motors Company (GM) is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing its four core automobile brands of Chevrolet, GMC, Cadillac and Buick. By sales, it was the largest automaker in the United States in 2022, and was the largest in the world for 77 years before losing the top spot to Toyota in 2008.

<span class="mw-page-title-main">Allstate</span> American insurance company

The Allstate Corporation is an American insurance company, headquartered in Glenview, Illinois since 2022. Founded in 1931 as part of Sears, Roebuck and Co., it was spun off in 1993, but was still partially owned by Sears until it became an independent company completely in June 1995. The company also has personal lines insurance operations in Canada.

<span class="mw-page-title-main">Fairfax Financial</span> Financial holding company based in Toronto, Ontario

Fairfax Financial Holdings Limited is a Canadian financial holding company based in Toronto, Ontario, engaged in property, casualty, insurance and reinsurance, investment management, and insurance claims management. The company operates primarily through several subsidiaries, including Allied World, Odyssey Re, Northbridge Financial, Crum & Forster, Verassure Insurance, Onlia Agency Inc., and Zenith Insurance Company. The company was also the largest shareholder of Torstar with 40% of the Class B shares, as of May 2020.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world, with $2.27 billion in annual revenue.

<span class="mw-page-title-main">The Travelers Companies</span> American insurance company

The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.

<span class="mw-page-title-main">Ally Financial</span> American financial services company

Ally Financial is a bank holding company organized in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements.

Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.

<span class="mw-page-title-main">Jefferies Financial Group</span> American financial services company

Jefferies Financial Group Inc. is an American financial services company based in New York City and listed on the Fortune 1000.

<span class="mw-page-title-main">The Hartford</span> US-based insurance and investment company

The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States-based investment and insurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. It was ranked 160th in Fortune 500 in the year of 2020. The company's earnings are divided between property-and-casualty operations, group benefits and mutual funds.

<span class="mw-page-title-main">Cerberus Capital Management</span> U.S. investment management company

Cerberus Capital Management, L.P. is a global alternative investment firm with assets across credit, private equity, and real estate strategies. The firm is based in New York City, and run by Steve Feinberg, who co-founded Cerberus in 1992, with William L. Richter, who serves as a senior managing director. The firm has affiliate and advisory offices in the United States, Europe and Asia.

General Motors Financial Company, Inc. is the financial services arm of General Motors. The company is a global provider of auto finance, with operations in the United States, Latin America, Canada, Europe, and China. The company is headquartered in Fort Worth, Texas, where it is downtown Fort Worth's largest employer.

FNB Corporation is a diversified financial services corporation based in Pittsburgh, Pennsylvania, and the holding company for its largest subsidiary, First National Bank. As of December 31, 2022, FNB has total assets of nearly $44 billion. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad in North Carolina; and Charleston, South Carolina with approximately 350 offices. The company has more than 4,100 employees.

ProAssurance Corporation, headquartered in Birmingham, Alabama, is a property and casualty company that sells professional liability insurance to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. The name "ProAssurance" was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $6 billion in assets.

Kemper is an American insurance provider with corporate headquarters located in Chicago, Illinois. With nearly $13 billion in assets, the Kemper family of companies provides insurance to individuals, families, and businesses.

Safe Auto Insurance Company is a property and casualty auto insurance carrier. It is a privately held carrier and provider of state-minimum private-passenger auto insurance for drivers in the nonstandard insurance market in 19 states across the US, including Ohio, Indiana, Kentucky, Georgia, Pennsylvania, South Carolina, Tennessee, Louisiana, Mississippi, Illinois, Missouri, Arizona, Oklahoma, Kansas, Virginia, Texas, California, Alabama, and Colorado.

<span class="mw-page-title-main">Maiden Holdings</span>

Maiden Holdings Ltd. is a Bermuda based holding company with insurance subsidiaries that provides specialty reinsurance products for the global property and casualty market. The company has operating subsidiaries in the United States, Europe, and Bermuda.

Encompass Insurance is a subsidiary of Allstate Corporation and is one of the largest personal property and casualty insurance brands sold through a network of more than 6,500 independent agent locations across the United States. The company that would become Encompass was founded in 1897 and officially became the Encompass Insurance Company in the 1990s. The company has its headquarters in Northfield Township, Illinois, near Northbrook, Illinois.

<span class="mw-page-title-main">UPC Insurance</span>

United Property & Casualty Insurance Company, Inc. is an American property and casualty insurance company with headquarters in Florida. It writes commercial, residential, homeowners’, and flood insurance policies in several coastal states. According to the most recent data available, UPC Insurance had about 159,170 active policies, accounting for just over 2.5 percent market share.

<span class="mw-page-title-main">Confie</span> American private insurance company

Confie is an American private insurance company that provides auto insurance, home insurance, life insurance, commercial insurance, and related products. Confie is the ninth largest independent property and casualty insurance agency in the United States as of 2020. Freeway Insurance, InsureOne Insurance and Bluefire Insurance are their better known brands.

References

  1. 1 2 "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. ↑ "GMAC buys auto insurer". cnn.com. 1997-06-23. Retrieved 2016-08-13.
  7. 1 2 "GMAC Sold: AmTrust says it intends to keep majority of jobs in Winston-Salem". journalnow.com. 2009-10-20. Retrieved 2016-08-13.
  8. ↑ "Integon to broaden its market". Biz Journals.
  9. ↑ Craver, Richard (December 1, 2006). "GMAC Sale Won't Affect Local Jobs". Winston-Salem Journal . p. D1.
  10. ↑ Insurance Journal Insurance Journal, June 20, 2013
  11. ↑ Felder, Lynn (December 14, 2014). "Giving Back". Winston-Salem Journal. p. A1.
  12. ↑ "Allstate insurance company acquires National General for $4 billion". 2020-07-08. Retrieved 2020-07-08.
  13. ↑ "A Allstate Closes Acquisition of National General Holdings Corp". MarketWatch . 2021-01-04.
  14. ↑ "Insurance". Official Website. Retrieved 26 May 2020.
Flag of North Carolina.svg

This North Carolina–related article is a stub. You can help Wikipedia by expanding it.

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.