GE’s Employers Reinsurance Corporation 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,” Ron Pressman, Chairman, President & CEO of Employers Reinsurance Corporation, said. “This is an important step in helping our customers improve their profitability using ERC products and services. 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.
Just last week, as a result of losses and uncertainty in the industry, General Electric said it was considering a plan to spin off its property/casualty business, according to the Wall Street Journal.
Employers Re has brought income into GE over the years since its acquisition nearly two decades ago, but the terrorist attacks of Sept. 11 have had a major impact throughout the industry.
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