GE Commercial Insurance Enlarges E&S Capacity;
Increased Capacity to Write Larger Policy Limits
OVERLAND PARK, Kan.--Feb. 9, 2004--GE Commercial Insurance, a
division of GE's Employers Reinsurance Corporation (ERC) (NYSE:GE)
today announced it has increased its capacity to write Umbrella and
Follow Form Excess coverage underwritten by the Specialty Excess &
Surplus Lines Individual Risk unit. This unit underwrites business
FAIRFIELD, Conn.--(BUSINESS WIRE)--Jan. 20, 2004--GE announced today that its subsidiary, Genworth Financial, Inc., has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for the initial public offering (IPO) of its Class A common stock.
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Jan. 20, 2004--GE's Employers Reinsurance Corporation (ERC) (NYSE:GE) today announced that Mark Elborne is joining the company as General Counsel.
Elborne, 45, comes to ERC from the law firm of CMS Cameron McKenna in London, and has extensive experience in the negotiation,arbitration and litigation of insurance-related law.
STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 14, 2004--GE Commercial Finance, the business-to-business financial services unit of General Electric (NYSE: GE), has completed its previously announced acquisition of most of Transamerica's commercial finance divisions. The transaction adds approximately $8.5 billion in managed assets to GE Commercial Finance's portfolio. The acquired units serve customers primarily in North America and Europe.
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STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 19, 2003--LESCO, Inc. (LESCO) and GE Business Credit Services, the commercial arm of GE Consumer Finance, recently signed an exclusive agreement to provide receivables management and marketing solutions to LESCO customers, including an open account trade credit program and a revolving credit program.
The new programs will be introduced to LESCO's nationwide customer base in 2004 and are expected to help the company extend its market reach, increase operating efficiencies, lower expenses and free working capital.
DANBURY, Conn.--Dec. 11, 2003--GE Vendor Financial Services, a unit of GE Commercial Finance, the business-to-business financial services unit of the General Electric Company (NYSE: GE), announced today it has agreed to acquire selected assets from IKON Office Solutions (NYSE: IKN).
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STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 10, 2003--Aprilia World Service USA, Inc. and GE Retail Sales Finance today announced the simultaneous launch of national credit programs for the Aprilia and Moto Guzzi brand motorcycles, accessories and apparel.
Customers looking for increased purchasing power will have the opportunity to apply for closed-end financing on any new Aprilia or Moto Guzzi model, as well as instant credit financing on an Aprilia or Moto Guzzi branded credit card.
RICHMOND, Va.--(BUSINESS WIRE)--Nov. 17, 2003--As part of the Third Annual National Long Term Care Awareness Week(TM), which begins today, the GE Center for Financial Learning today released head scratching results from a national survey.
The survey found that, despite what baby boomers see happening to their aging parents, they're still in denial when it comes to their own planning, believin that the difficulties their parents face will never happen to them.
CHICAGO & BOSTON--(BUSINESS WIRE)--Nov. 12, 2003--GE Healthcare Financial Services has signed a definitive agreement to acquire HPSC, Inc. (AMEX: HDR), a premier provider of financing to medical and dental practices with over $1 billion in managed assets. GE will acquire all of the issued and outstanding common stock of HPSC for $14.50 per share or a total consideration of approximately $72.4 million. The all-stock deal, which is subject to customary closing conditions as well as regulatory and HPSC shareholder approvals, is expected to close in late 2003 or early 2004.
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OVERLAND PARK, Kan.--(BUSINESS WIRE)--Nov. 6, 2003--GE's Employers Reinsurance Corporation (ERC) today announced a strategy to focus on selected markets and products to create a smaller, higher return life and health reinsurance business. ERC will focus its Global Life & Health unit on life and health reinsurance in Europe and accident and health reinsurance in the United States.
ERC will cease writing new life reinsurance in the United States, and will no longer offer life and health reinsurance products in Canada, Latin America and Asia Pacific.
