The Goss Group Inc., Marsh Inc. and the GMAC Insurance Group announced the establishment of a joint venture company, Goss LLC, to serve the specific insurance needs of automotive suppliers and original equipment manufacturers.
The Goss Group, an insurance agency headquartered in Detroit, has 51 percent ownership of the new company. Marsh, the world’s leading risk and insurance services firm and GMAC Risk Services Inc., a member of the GMAC Insurance Group, will have the remaining ownership.
The Michigan Minority Business Development Council has certified Goss LLC as a minority enterprise. Insurance premiums remitted to Goss LLC apply as credits that can meet the requirements of U.S. auto manufacturers that suppliers obtain a percentage of their raw materials, equipment and services from minority-owned firms.
Goss LLC will serve as program manager for a comprehensive insurance program tailored to the needs of automotive suppliers. The program, which is underwritten by several global property and casualty insurers, is structured to address the wide spectrum of risks facing automotive parts manufacturers, suppliers and distributors.
The insurance coverages available through Goss LLC include: property, inland marine, crime, product recall, manufacturers’ errors and omissions, workers’ compensation, business auto, commercial general liability, umbrella liability, environmental liability, employment practices liability, directors and officers liability, political risk, kidnap and ransom, and e-business. Also included are group benefit products.
In addition, Goss LLC will offer access to a wide range of risk management services, including environmental assessments, disaster recovery, mock OSHA compliance audits, ergonomics studies and claims administration.
The Goss Group is a Detroit-based, minority-owned, MMBDC-certified insurance agency specializing in various commercial and personal property/liability insurance and employee benefits products. The role of The Goss Group as manager of the new program additionally involves development of auto supplier industry-specific insurance/risk management products.
Marsh, the world’s leading risk and insurance services firm, has 35,000 employees and annual revenues of $4.8 billion. The firm provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with 57,000 employees and annual revenues of $10 billion.
The GMAC Insurance Group provides insurance products and services through member companies at more than 100 offices in the U.S,, Canada, Europe, Latin America and Asia. Its major business units, Personal Lines, Mechanical Coverages and GMAC RE, offer insurance for vehicles and homes, vehicle repair protection and extended maintenance contracts, coverage for dealership inventories and property/casualty reinsurance. GMAC Insurance is a part of GMAC Financial Services, which reported 2000 earnings of $1.6 billion.
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