NU Online News Service, Nov. 6, 2003, 5:44 p.m. EST – Employers Reinsurance Corp., Overland Park, Kan., says it is going to have its Global Life & Health division focus on accident and health reinsurance in the United States and on life and health reinsurance in Europe.
The company, a unit of General Electric Company, Fairfield, Conn., says it will stop writing new life reinsurance in the United States and will no longer sell life and health reinsurance in Canada, Latin America and the Asia Pacific region.
In the United States, Employers Re will continue to sell accident, health, disability, long term care and behavioral health reinsurance.
In Europe, the company will continue to sell life, accident, health, disability and long term care reinsurance products through offices in London, Munich, Paris, Madrid, Milan, Copenhagen, Athens and Folkestone, United Kingdom.
Employers Re will be cutting 90 jobs over the next eight months in connection with the realignment, the company says.
Employers Re says the changes it announced today will have no effect on the company’s property-casualty insurance and reinsurance operations.
In related news, Employers Re has named Al Stanley president and chief executive of the Global Life & Health division. Stanley succeeds John Tiller, who has been named senior vice president of research and development.
Stanley previously was executive vice president of operations at Employers Re. He has a bachelor’s degree in engineering from Queen’s University and a master’s degree in business from Harvard.