GMAC Insurance Personal Lines gets new owner
March 2, 2010
Filed under Features
GMAC Insurance Personal Lines 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, according to GMAC Insurance.
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.
“Larry is a seasoned and successful insurance professional with over 27 years of experience,” Michael Karfunkel, chairman of ACAC, said in the press release. “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.