GMAC Insurance has reached an agreement to sell its Personal Lines business. Independent Insurance Agencies who represent the insurer were notified on October 19th that an agreement had been reached with American Capital Acquisition Corporation (ACAC). The transaction still has to be approved by regulatory authorities.
About ACAC: ACAC was formed by the founder of AmTrust Financial Services, Inc. (NASDAQ: AFSI), a specialty commercial lines insurer forcused on small business and warranty insurance, and Maiden Holdings (NASDAQ: MHLD), a Bermuda based reinsurer.
About The Author: Jack Wingate is the President and Co-Founder of ALLCHOICE Insurance in Greensboro, NC. For more information about GMAC Insurance, ALLCHOICE Insurance, or Jack Wingate please visit http://www.allchoiceinsurance.com