GMAC Insurance Personal Lines has transferred its property and casualty division ownership to American Capital Acquisition Corporation (ACAC).
As per the deal, GMAC Insurance Personal Lines, which includes automobile, commercial vehicle, motorcycle and RV insurance offerings, will continue to operate and remain in Winston-Salem, North Carolina.
The company will transition leadership from Mary Hennessey, interim CEO to Larry Pentis, who joins GMAC Insurance from The Commerce Group, where he ran all operations outside of Massachusetts.
Mr Pentis served at the AAA club where he was responsible for all aspects of insurance operation with net written premium of $2.2bn.
As a part of the deal, GMAC has also retained right to use the name GMAC Insurance in association with its remaining insurance operations for some time. It will continue to be used in all operations while a review of all brand marketing is conducted. All existing policies and coverage will remain in force, and it will maintain all formal agency and affinity group partnerships.
Michael Karfunkel, chairman of ACAC, said: “Larry is a seasoned and successful insurance professional with over twenty-seven years of experience. Larry has a collaborative leadership style emphasizing open and honest communication.”