FAIRFIELD, Conn.--(BUSINESS WIRE)--June 20, 2005--General Electric Company said today it received a subpoena from the U.S. Attorney's Office for the Southern District of New York seeking documents relating to finite risk insurance. The subpoena is general in nature.
As previously reported, GE Insurance Solutions, one of GE's businesses, received a similar subpoena from the New York Regional Office of the Securities & Exchange Commission (SEC) on April 29. GE understands that a number of other insurance and reinsurance companies have been subpoenaed by the SEC and the U.S. Attorney's Office in relation to finite risk. GE will cooperate fully with the SEC and the U.S. Attorney's Office.
GE Insurance Solutions has made limited use of reinsurance with finite characteristics to manage the risks of catastrophic events such as storms or hurricanes and to protect itself and GE shareowners from the volatility that is inherent in its business.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
General Electric, Fairfield
David Frail, 203/373-3387
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340