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November 18, 2005 at 07:00 PM
Swiss Reinsurance Company has agreed to pay $6.8 billion in cash and stock for the U.S. property-casualty reinsurance operations of General Electric Company.[@@]
Swiss Re, Zurich, will be getting most of GE Insurance Solutions, Kansas City, Mo., a unit of General Electric, Fairfield, Conn., that generated about $6.2 billion in net earned premiums in 2004.
GE Insurance is the parent of Employers Reinsurance Corp.
Scottish Re Group Ltd., Hamilton, Bermuda, paid $151 million for much of General Electric’s life reinsurance business in December 2003, and the Swiss Re deal does not include any significant U.S. life and annuity reinsurance operations, according to GE Insurance spokesman Dean Davison.
The deal does include the GE Insurance health maintenance organization stop-loss line, Davison says.
