Updated:
National General Insurance
National General Insurance, a property-casualty insurer founded in 1939, generates over $3B in annual premiums as the Karfunkel family's primary wealth...
National General Insurance
National General Insurance traces its roots to 1939, when the Karfunkel family established a personal-lines insurance agency in New York City. The firm grew into a multi-line insurer writing auto, homeowners, and specialty coverage, with distribution through independent agents and direct channels. The Karfunkel family has maintained private ownership throughout, using the insurance float to build a diversified portfolio. The firm deploys capital across insurance-linked investments, real estate, private credit, and infrastructure. Its portfolio includes commercial real estate holdings in New York and other US markets, and it has participated in private credit arrangements supporting middle-market companies. Geographic focus is primarily North America, with an office in London supporting European insurance-linked opportunities. National General generates over $3B in annual premiums (per public filings, 2024) and employs roughly 2,500 people. It maintains separate philanthropic entities including the Karfunkel Family Foundation. In 2023, the firm expanded its London presence to pursue specialty reinsurance and international opportunities. A structural differentiator is National General's status as an insurance operating company rather than a pure investment vehicle — the underwriting business provides float that funds a private investment portfolio, making it a hybrid of an insurance carrier and a family office.
General information
Firm type
Insurance
Year founded
1939
AUM
Undisclosed
Location
Region
North America
Country
US
City
New York
Corporate office
New York, NY, United States
Additional offices
London, United Kingdom
Principals
Barry Karfunkel
Chairman
Michael Karfunkel
Vice Chairman
Peter Rendall
CEO
Donna DeMaio
President
Sector focus
Frequently asked questions
Who runs investment decisions at National General Insurance?
Investment decisions are led by the Karfunkel family, with Chairman Barry Karfunkel and Vice Chairman Michael Karfunkel overseeing the firm's capital allocation. The firm's insurance operations generate float that funds the investment portfolio.
Is National General Insurance structured as a single family office or as an insurance company?
National General is structured as an insurance operating company. It is the Karfunkel family's primary wealth vehicle, using underwriting float to invest across real estate, private credit, and infrastructure.
What investment stages does National General Insurance typically target?
The firm invests across private credit and real estate, typically targeting direct holdings rather than fund-of-funds structures. It also holds insurance-linked assets.
Which sectors does National General Insurance explicitly avoid?
National General does not publicly disclose sector exclusions, but its avoidance of venture capital and growth equity is inferred based on its insurance-focused portfolio.
Where does the underlying wealth of National General Insurance come from?
The underlying wealth originated from the Karfunkel family's insurance underwriting and distribution operations, built since the firm's founding in 1939.
Does National General Insurance maintain philanthropic structures?
Yes, the Karfunkel family operates the Karfunkel Family Foundation, which supports charitable causes separately from National General's business operations.
How does National General Insurance source proprietary deal flow?
Proprietary deal flow comes through its insurance distribution network and relationships in real estate and private credit markets, without reliance on external fund managers.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: