GMAC auto insurance now owned by American Capital

WINSTON-SALEM, N.C. -- Ownership of the GMAC Insurance property and casualty division has been fully transferred to American Capital Acquisition Corp, the company said Tuesday.

GMAC Insurance Personal Lines, which includes automobile, commercial vehicle, motorcycle and RV insurance offerings, will continue to operate as it had and its headquarters will remain in Winston-Salem, N.C.

The new CEO is Larry Pentis, who joined GMAC Insurance from The Commerce Group, where he ran all operations outside of Massachusetts. Effective immediately, he takes over CEO duties from interim executive Mary Hennessey.

GMAC Insurance Personal Lines has retained the right to use the name GMAC Insurance in association with its remaining insurance operations while a strategic review of all brand marketing is conducted.

GMAC Insurance Personal Lines has operated continually since 1925. It includes a network of over 10,000 independent agents and brokers in 47 states and the District of Columbia.

The GMAC Insurance Dealer Products & Services group and other international personal lines insurance operations remain a part of GMAC Financial Services.

American Capital Acquisition Corp., is a newly formed corporation. The principal was a founder of AmTrust Financial Services Inc. and Maiden Holdings Ltd.