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GMAC divests property & casualty business
US financial services giant, GMAC Inc, is proposing to sell its property and casualty insurance business to American Capital Acquisition.
The transaction is pending regulatory approval and other customary closing conditions.
The group says its dealer-related insurance business (which includes extended service contracts and insurance for auto dealer inventories) is not affected by the move.
The sale follows a strategic review of GMAC’s insurance offerings and includes its car, commercial fleet and recreational vehicle business.
GMAC provides financing for customers of former parent company, General Motors, and Chrysler Group.
The company has so far received $13.5 billion in US government bailout funds and reported a $3.9 billion second-quarter loss, relating to rising loan defaults.
According to reports, New York-based insurer, AmTrust Financial Services, will be investing $42.5 million in American Capital Acquisition in connection with the GMAC acquisition.