GE Commercial Realigns Pair of its Businesses

January 15, 2003

GE Commercial Insurance is realigning two of its businesses, Industrial Risk Insurers (IRI) and Global Asset Protection Services (GAP Services) into one major company.

The integration will enable a newly expanded IRI to provide powerful program options: insurance capacity, unbundled loss prevention services, or a flexible combination of both – each designed to support the risk management requirements of underwriters, customers and brokers. GAP Services will continue to service customers looking for independent property risk management solutions.

“We are very excited about the extended market opportunities of integrating the two businesses,” Louis Parker, president & CEO of GE Commercial Insurance, commented. “Bringing the loss prevention services business together with the insurance business is a strong, strategic fit, especially given IRI’s recent expansion of its primary loss limit capacity to $25 million.”

IRI President Dan Eudy, who will lead the new combined organization, noted, “We are strengthening our commitment to the structured property insurance market. We have the ability to offer a strong foundation of risk transfer capacity, as well as expert loss prevention service to help brokers and insureds put together the most viable program.”

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