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{{Short description|Insurance company in North Carolina, US}}
{{refimprove|date=August 2016}}
{{refimprove|date=August 2016}}
{{Infobox company
{{Infobox company
| name = National General Insurance
| name = National General Insurance
| image = File:GMAC Insurance Tower.jpg
| image = File:GMAC Insurance Tower.jpg
| type = Subsidiary
| type = [[Subsidiary]]
| industry = [[Insurance]] and [[finance]]
| industry = [[Insurance]], [[finance]]
| foundation = 1920
| foundation = {{start date and age|1920}}
| location = [[Winston-Salem, North Carolina]], U.S.
| location = [[Winston-Salem, North Carolina]], U.S.
| key_people =
| key_people =
Line 14: Line 15:
| num_employees = 8,440<ref name="Fortune" />
| num_employees = 8,440<ref name="Fortune" />
| num_employees_year = 2019
| num_employees_year = 2019
| parent = [[Allstate]] (pending)
| parent = [[Allstate]]
| homepage = {{URL|http://www.nationalgeneral.com/}}
| homepage =
| slogan =
| slogan =
}}
{{Infobox company
| name = National General Holdings Corp.
| traded_as = {{NASDAQ|NGHC}}<br>[[Russell 2000 Index|Russell 2000 Component]]
}}
}}


'''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''', 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]].


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. <ref>{{Cite news|url=https://www.reuters.com/article/national-general-managementchanges-ceo/national-general-says-ceo-michael-karfunkel-dies-idUSL3N17V16S|title=National General says CEO Michael Karfunkel dies|date=2016|work=Reuters|access-date=2017-09-26}}</ref>
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.<ref>{{Cite news|url=https://www.reuters.com/article/national-general-managementchanges-ceo/national-general-says-ceo-michael-karfunkel-dies-idUSL3N17V16S|title=National General says CEO Michael Karfunkel dies|date=2016|work=Reuters|access-date=2017-09-26}}</ref>


==History==
==History==


One of the two companies that became National General Insurance was life insurance company Integon, founded in [[Winston-Salem, North Carolina]] in 1920.<ref>{{cite web|url=http://www.bizjournals.com/triad/stories/1999/06/28/story2.html?page=2 |title=Integon to broaden its market|publisher=bizjournals.com |date= 1999-06-28|accessdate=2016-08-13}}</ref> 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]]).<ref>{{cite web|url=https://history.gmheritagecenter.com/wiki/index.php/Motors_Insurance_Corp. |title=Generations of GM History: Motors Insurance Corp.|publisher=gmheritagecenter.com |date= |accessdate=2016-08-13}}</ref>
One of the two companies that became National General Insurance was life insurance company Integon, founded in [[Winston-Salem, North Carolina]], in 1920.<ref>{{cite web|url=http://www.bizjournals.com/triad/stories/1999/06/28/story2.html?page=2 |title=Integon to broaden its market|publisher=bizjournals.com |date= 1999-06-28|accessdate=2016-08-13}}</ref> 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]]).<ref>{{cite web|url=https://history.gmheritagecenter.com/wiki/index.php/Motors_Insurance_Corp. |title=Generations of GM History: Motors Insurance Corp.|publisher=gmheritagecenter.com |date= |accessdate=2016-08-13}}</ref>


In 1969, Integon Corp. started a holding company and began insuring high-risk drivers.<ref>{{Cite web|url= https://www.floir.com/siteDocuments/Integon_Genl_2-4-03_Rpt.pdf |title= 2002 PROPERTY AND CASUALTY TARGET MARKET CONDUCT EXAMINATION |work= Floir }}</ref> Integon underwent a number of changes in ownership and business emphases and struggled during the mid-1990s.{{citation needed|date=August 2016}} In June 1997, GMAC announced they were acquiring Integon in a deal valued at $550M.<ref>{{cite web|url=https://money.cnn.com/1997/06/23/deals/gmac/ |title=GMAC buys auto insurer|publisher=cnn.com |date=1997-06-23 |accessdate=2016-08-13}}</ref> When the deal finally closed in October 1997, it was for $778M.<ref name=journalnow1>{{cite web|url=http://www.journalnow.com/news/local/gmac-sold-amtrust-says-it-intends-to-keep-majority-of/article_26937f4e-b4b3-5678-b268-79d31f23ae2b.html |title=GMAC Sold: AmTrust says it intends to keep majority of jobs in Winston-Salem |publisher=journalnow.com |date=2009-10-20 |accessdate=2016-08-13}}</ref> In 2000, Integon became GMAC Insurance Personal Lines.<ref>{{Cite web|url= https://www.bizjournals.com/triad/stories/1999/06/28/story2.html |title= Integon to broaden its market |work= Biz Journals }}</ref>
In 1969, Integon Corp. started a holding company and began insuring high-risk drivers.<ref>{{Cite web|url= https://www.floir.com/siteDocuments/Integon_Genl_2-4-03_Rpt.pdf |title= 2002 PROPERTY AND CASUALTY TARGET MARKET CONDUCT EXAMINATION |work= Floir }}</ref><ref>{{Cite web |title=What Insurance Do I Need as a Sole Trader or Small Business Owner |url=https://www.insurance.com.au/latest-news/what-insurance-do-i-need-as-a-sole-trader-or-small-business-owner |access-date=2024-08-05 |website=insurance}}</ref> Integon underwent a number of changes in ownership and business emphases and struggled during the mid-1990s{{citation needed|date=August 2016}}, which included the 1994 purchase of Bankers and Shippers Insurance Company, headquartered in Burlington, North Carolina.<ref>{{Cite web|url= https://greensboro.com/bankers-and-shippers-insurance-co-integon-to-buy-insurance-firm/article_f77c80d1-ee36-54d3-9298-87405a947311.html |title= Greensboro News and Record Article by Meridith Barkley|date= 28 July 1994}}</ref> In June 1997, GMAC announced they were acquiring Integon in a deal valued at $550 million.<ref>{{cite web|url=https://money.cnn.com/1997/06/23/deals/gmac/ |title=GMAC buys auto insurer|publisher=cnn.com |date=1997-06-23 |accessdate=2016-08-13}}</ref> When the deal finally closed in October 1997, it was for $778M.<ref name=journalnow1>{{cite web|url=http://www.journalnow.com/news/local/gmac-sold-amtrust-says-it-intends-to-keep-majority-of/article_26937f4e-b4b3-5678-b268-79d31f23ae2b.html |title=GMAC Sold: AmTrust says it intends to keep majority of jobs in Winston-Salem |publisher=journalnow.com |date=2009-10-20 |accessdate=2016-08-13}}</ref> In 2000, Integon became GMAC Insurance Personal Lines.<ref>{{Cite web|url= https://www.bizjournals.com/triad/stories/1999/06/28/story2.html |title= Integon to broaden its market |work= Biz Journals }}</ref>


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.<ref>{{cite news|title=GMAC Sale Won't Affect Local Jobs|last=Craver|first=Richard|work=[[Winston-Salem Journal]]|date=December 1, 2006|page=D1}}</ref>
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.<ref>{{cite news|title=GMAC Sale Won't Affect Local Jobs|last=Craver|first=Richard|work=[[Winston-Salem Journal]]|date=December 1, 2006|page=D1}}</ref>


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.<ref name=journalnow1/>
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.<ref name=journalnow1/>


On July 1, 2013, GMAC Insurance changed its name to National General Insurance.<ref>Insurance Journal [http://www.insurancejournal.com/news/national/2013/06/20/296147.htm] ''Insurance Journal'', June 20, 2013</ref> The Winston-Salem operation moved from downtown to Madison Park in June 2014.<ref>{{cite news|title=Giving Back|last=Felder|first=Lynn|work=Winston-Salem Journal|date=December 14, 2014|page=A1}}</ref>
On July 1, 2013, GMAC Insurance changed its name to National General Insurance.<ref>Insurance Journal [http://www.insurancejournal.com/news/national/2013/06/20/296147.htm] ''Insurance Journal'', June 20, 2013</ref> The Winston-Salem operation moved from downtown to [[Madison, Wisconsin|Madison]] Park in June 2014.<ref>{{cite news|title=Giving Back|last=Felder|first=Lynn|work=Winston-Salem Journal|date=December 14, 2014|page=A1}}</ref>


In July 2020, [[Allstate]] announced to be acquiring National General for $4 billion, which is expected to close in early 2021.<ref>{{cite web |title=Allstate insurance company acquires National General for $4 billion |url=https://eu.usatoday.com/story/money/2020/07/08/allstate-insurance-national-general-acquisition/5396538002/ |date=2020-07-08|accessdate=2020-07-08}}</ref>
In July 2020, [[Allstate]] announced it was acquiring National General for $4 billion. The deal closed in January 2021.<ref>{{cite web |title=Allstate insurance company acquires National General for $4 billion |url=https://eu.usatoday.com/story/money/2020/07/08/allstate-insurance-national-general-acquisition/5396538002/ |date=2020-07-08|accessdate=2020-07-08}}</ref><ref>{{cite web|title=A Allstate Closes Acquisition of National General Holdings Corp.|url=https://www.marketwatch.com/press-release/allstate-closes-acquisition-of-national-general-holdings-corp-2021-01-04|website=[[MarketWatch]]|date=2021-01-04}}</ref>


== Products ==
== Products ==
Line 55: Line 52:
* Benefits Solutions
* Benefits Solutions


Source:<ref>{{Cite web|title=Insurance|url=https://nationalgeneral.com/|last=|first=|date=|website=Official Website|url-status=live|archive-url=|archive-date=|access-date=26 May 2020}}</ref>
Source:<ref>{{Cite web|title=Insurance|url=https://nationalgeneral.com/|last=|first=|date=|website=Official Website|archive-url=|archive-date=|access-date=26 May 2020}}</ref>


==References==
==References==
{{reflist|2}}
{{reflist}}
{{Allstate|state=expanded}}

{{Automotive industry in the United States}}
{{Automotive industry in the United States}}


[[Category:Companies listed on NASDAQ]]
[[Category:Companies formerly listed on the Nasdaq]]
[[Category:1920 establishments in North Carolina]]
[[Category:1920 establishments in North Carolina]]
[[Category:American companies established in 1920]]
[[Category:American companies established in 1920]]
[[Category:Financial services companies established in 1920]]
[[Category:Financial services companies established in 1920]]
[[Category:Insurance companies of the United States]]
[[Category:2021 mergers and acquisitions]]
[[Category:Announced mergers and acquisitions]]
[[Category:Companies based in Winston-Salem, North Carolina]]
[[Category:Companies based in Winston-Salem, North Carolina]]
<!-- [[Category:Allstate]] -->
[[Category:Allstate]]
[[Category:American corporate subsidiaries]]


{{insurance-company-stub}}
{{insurance-company-stub}}

Latest revision as of 05:45, 1 January 2025

National General Insurance
Company typeSubsidiary
IndustryInsurance, finance
Founded1920; 105 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

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.

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

[edit]

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

[edit]
  • 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

[edit]
  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". 28 July 1994.
  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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