FAIRFIELD, Conn.--(BUSINESS WIRE)--June 12, 2006--General Electric Company (GE) announced today it has completed the sale of its Insurance Solutions business, including Employers Reinsurance Corporation (ERC), to Swiss Re for $7.8 billion in cash and securities plus the assumption of $1.7 billion in GE Insurance Solutions Corporation debt.
GE received $5.4 billion in cash and 33.3 million shares of Swiss Re common stock. As a result of the transaction, GE will own a 9% percent stake in Swiss Re.