Posted: 03 Mar 2010 06:54 PM PST

BestWire

March 2, 2010 Tuesday 04:18 PM EST

483 words

American Capital Completes Acquisition of GMAC Subsidiaries

Dennis Gorski

WINSTON-SALEM, N.C.

American Capital Acquisition Corp. and its minority partner, insurance holding company AmTrust Financial Services, said they've completed the acquisition of 10 GMAC subsidiaries in the U.S. consumer property/casualty insurance sectors.

Financial details were not disclosed and attempts made to all three companies for comment were not immediately successful.

GMAC said it will remain headquartered in Winston-Salem, N.C., under the direction of new Chief Executive Officer Larry Pentis, according to a statement. Formerly with Massachusetts-based property/casualty insurer Commerce Group, Pentis will head a work force of about 900 employees.

The deal gives ACAC and AmTrust access to GMAC's network of 10,500 agents in 12 markets, as well as exclusive relationships with 23 affinity partners. GMAC said its U.S. consumer property/casualty business had net written premium in excess of $1 billion in 2008. It sells policies in the personal automobile, nonstandard and commercial auto, and the motorcycle and RV markets in 47 states and Washington, D.C.

According to BestLink, which provides online access to A.M. Best's Global Insurance & Banking database, GMAC had $1.53 billion in U.S. total auto direct premium written in 2008, placing it 19th among companies writing business in the sector.

GMAC said its insurance dealer products and services group and other international personal lines operations were not part of the deal. Its personal lines unit also has retained the right to use the name GMAC Insurance in association with its remaining insurance operations while a strategic review of all brand marketing is conducted.

Hammered by the financial crisis, GMAC is selling various lines to regain financial stability. The insurer has posted seven quarters of losses in the past two years and received two injections of bailout capital from the federal government to stay afloat (BestWire, Dec. 30, 2008).

American Capital Acquisition Corp., is an acquisition arm of investment broker American Capital Partners LLC, based in Hauppauge, N.Y. AmTrust, headquartered in New York City, is a multinational insurance holding company. The company offers specialty property/ casualty insurance, including workers' compensation, commercial auto and general liability; extended service and warranty coverage.

AmTrust owns and operates 11 insurance companies. Eight are domiciled in the United States and the remaining three are foreign. Its various operating companies currently have Best's Financial Strength Ratings of A- (Excellent).

GMAC Insurance Group currently has a Best's Financial Strength Rating of B++ (Good).

In midafternoon trading March 2, shares of AmTrust Financial Services (NASDAQ: AFSI) were priced at $14.47, up 1.69% from their previous close. Shares of Maiden Holdings (NASDAQ: MHLD) were priced at $7.17, unchanged from their previous close.

(Dennis Gorski, Best's Review managing editor)

March 3, 2010

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Weekend RV show opens Friday in Atlantic City - Atlantic City Press

Posted: 03 Mar 2010 06:04 PM PST

Like the boat and classic car exhibitions before it this year, the Atlantic City RV & Camping Show expects to rebound with its industry this week - and without a snowstorm getting in the way.

Manager Harry Lutz said the show, which opens Friday in Atlantic City Convention Center, will have more than 200 recreational vehicles, up from about 120 at last year's recession-shrunk event.

He said there's reason to expect a jump in attendance, too.

Since January, show owner Affinity Group has staged seven RV and camping shows on the East Coast, "and at every one, attendance has been up 34 percent to 76 percent over the previous year," Lutz said.

Signs of a rebound in the RV industry are strong.

The Recreational Vehicle Industry Association reported last week that January shipments of RVs more than doubled - to 15,800 units - from 7,200 the same month last year.

The University of Michigan Consumer Survey Research Center predicts RV shipments will reach 215,900 units this year, which would be 30 percent above last year's dismal 165,700 vehicles.

The turnaround is coming at an appropriate time - the 100th anniversary of the first mass-produced recreation vehicle, according to the association. Such early "auto campers" had simple sleeping and cooking facilities.

Now, even pop-up tent trailers have air conditioning, and many trailers boast large, flat-panel TVs. But demographic rather than technological trends are driving the market, Lutz said.

"A lot of baby boomers are saying, 'We're selling the house, taking off and going to travel a couple of years and decide where to move to,'" he said. And, families are buying campers as an economical way to spend time together.

Dina Hurley has noticed a turnaround at Crossroads Sales, a large RV dealership she owns in Newfield, Gloucester County.

"People are back out buying. It started after the first of the year," she said. "I think people are just ready."

Crossroads will bring 16 vehicles to the show, "fifth wheels big and small, and entry-level to high-end travel trailers," Hurley said.

The show draws people from the normal range of its customers - the N.J., Pa., N.Y. and Del. region - but a lot more of them than the dealership could otherwise see in one weekend, she said.

Like most exhibitors, Crossroads will tempt them with deeply discounted show prices, she said. An example: A 2011 Trail Runner 27-foot Bunkhouse with slideouts for $15,999, down from a suggested retail of $24,000.

Also at the show will be places to take such vehicles.

Lutz said an industry trend is for RV parks to add enough services and attractions that they become resort destinations themselves.

One example is Beachcomber Camping Resort in Lower Township, which will use the show to tell campers about the activities it offers daily from mid-June until Labor Day, said Mark Salfi, reservation supervisor.

Beachcomber attractions include two freshwater lakes, three swimming pools, boat rentals, and catch-and-release fishing - besides its close proximity to the Wildwoods and Cape May. With 750 sites, it can take RVs as big as 45 feet, Salfi said.

The Atlantic City show will also offer accessories for camping and campgrounds, including one that might interest non-campers living on barrier islands - low-speed electric vehicles.

South Jersey Electric Vehicles of Egg Harbor Township will show so-called neighborhood vehicles for use on roads with speeds of 35 mph or less.

Owner Stuart McGinnis said two-, four- and six-passenger models are available, as well as a utility model like a little truck.

Besides being non-polluting, the electric vehicles can drive 50 miles on about 15 cents worth of electricity from a regular 110-volt outlet, he said. The firm will offer 10 percent to 15 percent off list price at the show, bringing the price of the truck, for example, from $19,000 down to $17,000.

This year, the show will also have clowns and face painting, and, for a small additional charge, a climbing wall, Lutz said.

With clear weather forecast and the recent success of other shows, he said he's "extremely enthusiastic" about this year's Atlantic City event.

"I think people are getting fed up with every day just the negativism pelting everybody. They're saying, 'Hey, we work long and hard, let's get moving,'" Lutz said. "And all the snow has helped with cabin fever and wanting to get out."

Contact Kevin Post:

609-272-7250

KPost@pressofac.com

If you go

The 15th annual Atlantic City RV & Camping Show will take place noon to 8 p.m. Friday, 10 a.m. to 8 p.m. Saturday and 10 a.m. to 5 p.m. Sunday at Atlantic City Convention Center. Tickets are $12 for adults, $10 for seniors, $7 for ages 12 to 17. For more information, call 800-441-0013 or visit www.atlanticcityRVshow.com

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NASCAR's B2B council welcomes new members - NASCAR

Posted: 03 Mar 2010 01:53 PM PST

When NASCAR's business-to-business council convened last week for its first meeting of the year in Las Vegas, new faces dotted the crowd of official partners.

Executives from Drive4COPD, NASCAR's newly named official health-care initiative, delivered a presentation. So did Las Vegas Events, NASCAR's partner on staging the season-ending Champion's Week, and Valassis, a company that helps advertisers with newspaper inserts and couponing.

Renamed "Fuel for Business" last year, NASCAR's B2B council has quietly added a handful of new members, all of whom made their first appearance last week during a day-long meeting at the Wynn. The additions increase the ranks of full-time members to 43, up six from last year.

"We don't want to expand too quickly, because it can become a challenge to manage," said NASCAR's Norris Scott, managing director for partnership marketing and business solutions. "But we're trying to be very purposeful in inviting people who have something to add to the council, both as a buyer and a seller."

If there's been a criticism of the highly acclaimed B2B initiative, it's that the council is too insulated. Once you've swapped business cards with all of the official partners, what else is there to do?

Scott is responsible for keeping the B2B council's four meetings a year fresh and full of new content. This year, that means inviting a few companies that might have been excluded in years past, when a seat on the council was strictly reserved for official sponsors.

In addition to adding Drive4COPD, an official partner that joined NASCAR through the sanctioning body's New York sales and marketing office, Scott also has tapped into NASCAR's automotive aftermarket group, managed from the Charlotte, N.C., office.

From the aftermarket group came new B2B council members 3M, Exide batteries, Goodyear Gatorback (engine products) and Raybestos brakes.

Another new member, Canteen, is an official food and beverage partner in the vending service category.

A select group of part-time members were invited as well from NASCAR's roster of promotional, licensing and event partners, though they'll attend only a partial schedule of the B2B events this year.

Las Vegas Events and Valassis fall into that group, as do Brookshire's (a grocery retailer), the NASCAR Hall of Fame, Getty Images, Turner Sports Interactive (NASCAR.COM), Motorsports Authentics, NASCAR Racing Experience and NASCAR RV Resorts.

Brookshire's and Valassis work with official partners like Unilever and Procter & Gamble in the consumer-packaged goods business on promotional opportunities.

Including the council's 12 part-timers, the full list has grown to 55 members. That's a far cry from the four founding members in 2004.

"We're working much more closely with our Charlotte office to find new members," Scott said. "We want the people who are important to the industry to be in the room."

The three remaining meetings are set for Charlotte in May, Chicago in July and one other event in the fall.

During the Chicago meetings, the B2B council will have its HR Summit for the third consecutive year. That allows decision-makers from human resources and benefits to talk to official partners like Aflac, Bank of America, Prilosec and Nicorette that offer employee services.

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NASCAR’s B2B council welcomes new members - YAHOO!