abstract:Founded in 1939 as Motors Insurance Corporation, the GMAC Insurance Group is a property and casualty insurance company in the United States and is a subsidiary of Ally Financial. Ally has agreed to sell GMAC Insurance Group to Maiden Holdings pending regulatory approval.
GMAC's mortgage and insurance businesses have become an increasing source of profits over the past few years, especially as GM's credit rating has weakened.
However, now back on its feet, the headlines are that GM wants to buy back GMAC, the auto loan, real estate mortgage, insurance giant, putting it right back into the financial business in a big way.