Does New South Insurance Company Still Sell Insurance?
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Asked April 22, 2013
New South Insurance Company was stock-based insurance company. Where many companies have been bought out and absorbed into the parent company, New South Insurance Company continues to underwrite policies, but does not sell directly to the public. Instead, they underwrite policies for the financial division of GMAC.
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New South Insurance Company was founded in 1952 as a fire and casualty insurance company. The company was purchased by GMAC in 2003. Today, the parent company is listed as American Capital Acquisition Corporation, which is the financial division of GMAC. GMAC reports that New South Insurance Company is one of 6 subsidiaries of GMAC which underwrite their policies for different types of insurance.
New South Insurance Company is not rated independently, nor is the immediate owner of New South Insurance Company. New South Insurance Company is wholly owned by the GMAC financial company, which is, in turn wholly owned by the American Acquisition Corporation. Under that company, they are rated "A-" (Excellent) by the A.M. Best Financial ratings company. The parent, and presumably its subsidiaries, were last evaluated in May of 2012, at which time the corporate tree was listed as having more than 250 million dollars in assets. The long term outlook of "a-" is considered stable, indirectly making New South Insurance Company a financially stable company.
Insurance Products Offered
New South Insurance Company sold a range of primarily individual, private insurance policies. Auto insurance included cars, trucks, boats, recreational vehicles, and ATVs. New South Insurance Company also sold business insurance, primarily business liability, directly to small and medium sized businesses.
Answered April 22, 2013 by Anonymous