Dear Insured

Posted by Benji Riggins on June 15, 2009 under Insurance News | Read the First Comment

As you are aware, GM has filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (Reorganization). GMAC has not filed for bankruptcy and does not intend to do so.  GMAC continues to meet all of its obligations.

 

GMAC is a separate company with a newly-appointed Board of Directors and a diversified ownership structure.  GM directly holds less than 10 percent of the common equity in GMAC.

 

GMAC continues to provide its auto customers, including GM dealers and consumers and Chrysler dealers and consumers, with automotive financing products and services.  This includes retail auto originations, wholesale financing, insurance products, and servicing of customer loans.  The company’s non-automotive activities continue uninterrupted.

 

GMAC’s auto-centric businesses are still largely connected to GM and, although there are some potential impacts to that business (auto finance volume, remarketing proceeds, etc.) as a result of GM’s restructuring, GMAC has been working for some time to mitigate the effects. 

 

At GMAC Insurance, operations are unchanged. Our focus remains on delivering exceptional, innovative insurance products and services to our customers. Moreover, restructuring activities at GM will not impact GMAC Insurance’s ability to meet and service its obligations.

 

GMAC Insurance remains a strong company with a strong balance sheet and market presence, and committed employees. We are confident in our plans to grow the business and successfully execute them.

 

Our Products. All GMAC automobile insurance policies are issued by licensed and regulated insurance companies, which are members of the GMAC Insurance Group led by GMACI Holdings LLC.

 

Our Company. The GMAC Insurance Group is wholly owned by GMAC LLC, which received bank holding company status December 24, 2008.

 

Insurance companies of the GMAC Insurance Group maintain a financial strength rating of “A-” (Excellent) from A.M. Best Company, a primary rating organization for the insurance industry. The “A-” rating is assigned to companies that have, in the opinion of A.M. Best, an excellent ability to meet their ongoing insurance obligations.

 

Our Experience. With nearly 70 years of experience offering quality insurance and insurance-related products and services, GMACI will continue to offer an exceptional level of service to our customers, agents and brokers.

 

GMAC Insurance – Personal Lines has a long history of serving independent agents in our core states building on the excellent foundation of Integon, who GMAC acquired in 1997.  We believe we continue to offer superior value to our policyholders, including excellent customer and claims service which differentiates us in the market. We are proud of that record, and we remain committed to our policyholders, agents and brokers and customer groups.

 

Our dedication to our policyholder, agent and broker and customer group relationships continues to compel us to improve our operations and make investments in service and products. A number of exciting internal initiatives are underway, and we will be communicating more specific information on these efforts in the near future.

 

We understand you may have questions, and we are committed to keeping you informed.  As always, if you have any questions, please contact us at 704/821-7630.