OVERLAND PARK, Kan.--(BUSINESS WIRE)--March 21, 2002
GE's Employers Reinsurance Corporation (GE ERC) (NYSE: GE) today announced it will form a single global property & casualty reinsurance business by combining its Property and Casualty Re Americas and Europe/Asia operating units. Rick Smith has been named President & CEO of the new Global P&C Re business.
"The combined Global P&C Re business will offer our customers consistent, streamlined risk decisions, easier access to world-class underwriting expertise and increased product innovation," said Ron Pressman, Chairman, President & CEO of Employers Reinsurance Corporation. "This is an important step in helping our customers improve their profitability using ERC products and services."
"Rick has been a catalyst for significant positive change in his first year with ERC and is now ready to extend his leadership to the Global Property and Casualty Re business," said Pressman.
Pressman added, "Under Rick Smith's leadership, our global P&C Re business will embrace the cultural differences and varied talents we have around the world while delivering risk management products to meet the unique needs of our local, regional and global customers."
The Global P&C business unit includes direct reinsurer Employers Reinsurance Corporation and broker market reinsurer GE Reinsurance Corporation in the Americas and the GE Frankona Re Group in Europe and Asia. The company will continue to provide clients with highly rated capacity through these legal entities. The unit's 1,000 employees serve more than 2,200 primary insurance company customers from 34 offices in 24 countries. Net written premiums for 2001 were $4.0 billion.
As President and CEO of Global P&C Re, Rick Smith will lead the integrated team to enhance customer satisfaction, drive product excellence, boost productivity and maintain consistent underwriting discipline for the primary insurance companies and brokers served by the business.
Formerly the President and CEO of P&C Re Americas, Smith is a 19-year veteran of GE. Prior to joining GE ERC in 2001, he was President and CEO of GE Capital Fleet Services, the largest fleet management company in the world. While there, he led the globalization of that business unit. His tenure at GE also includes management and executive positions at GE Plastics and GE Capital Modular Space.
Smith is a graduate of Purdue University.
With the new alignment, GE ERC now has three operating units: Global P&C Re, Global Life & Health and Commercial Insurance.
GE Employers Reinsurance Corporation, a GE company (NYSE: GE), is the world's fourth largest reinsurer. The top financial security rating companies reaffirm ERC's strength and stability with the highest ratings in the industry: AAA from Standard & Poor's, A++ from A.M. Best Company and Aaa from Moody's. More information on ERC is available at http://www.ercgroup.com.
GE (NYSE:GE) is a diversified technology, services and manufacturing company with a commitment to achieving customer success. GE operates in more than 100 countries and employs approximately 310,000 people worldwide.
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340