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GMAC Re Offers 'Peace Of Mind' Trusts

They say necessity is the mother of invention, so when GMAC Insurance Group was downgraded to "A-minus" from "A" by A.M. Best Company back in May 2005, the timing was perfect to introduce a new

By Staff Writer | Updated on July 06, 2008

They say necessity is the mother of invention, so when GMAC Insurance Group was downgraded to “A-minus” from “A” by A.M. Best Company back in May 2005, the timing was perfect to introduce a new segregated trust to reassure buyers their accounts were secure.

However, GMAC Re’s chief operating officer, Karen Schmitt, made it clear in a recent interview with National Underwriter that her company’s trust product was not created in response to the downgrade, but “was actually in the pipeline well before then. We felt it would be a good marketing tool in any case.”

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