GMAC Insurance–whose parent, GMAC Financial Services, recently reported a second quarter net loss of $2.5 billion–has stopped using independent agents to write business in three states and cut back activity in a fourth, NU has learned.
While it is no longer accepting any new business through independent agents in three states, the St. Louis-based home and auto insurer said it will still offer policies through its direct channel online and by telephone.
In a limited response to a request for information, GMAC said the action is aimed at helping its bottom line, and that it is “no longer accepting any new business through independent agents in Colorado, Illinois and Michigan.”
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