GE Commercial Merges Operations

By Daniel Hays

NU Online News Service, Jan. 15, 1:11 p.m.EST?GE Commercial Insurance, Hartford, Conn., announcedtoday that it is realigning two of its businesses into one majorcompany.

The merged operation will consist of Industrial Risk Insurers inHartford and Global Asset Protection Services in New York City.

M.J. Frascino, marketing director at IRC, said the main officefor the combined operations will be in Hartford. Asked if themerger would result in staff level cuts, she said, "the groups areputting a strategy together right now. Once that is put together wewill make a decision on personnel. Right at this point there are nochanges."

GE said the integration will enable a newly-expanded IRI toprovide "powerful" program options: insurance capacity, unbundledloss prevention services, or a flexible combination of both--eachdesigned to support the risk management requirements ofunderwriters, customers

and brokers.

GAP Services, the company said, will continue to servicecustomers looking for independent property risk managementsolutions.

Louis Parker, president and chief executive officer of GECommercial Insurance said the company is "excited about theextended market opportunities of integrating the twobusinesses.

"Bringing the loss prevention services business together withthe insurance business is a strong, strategic fit, especially givenIRI's recent expansion of its primary loss limit capacity to $25million."

IRI President Dan R. Eudy, who will lead the new combinedorganization, said GE is strengthening its commitment to thestructured property insurance market.

"We have the ability," Mr. Eudy said, "to offer a strongfoundation of risk transfer capacity, as well as expert lossprevention service to help brokers and insureds put together themost viable program."

He added that today's insurance market often leaves the insuredwith fewer choices than they had in the past.

"Our increased capacity and loss prevention expertise provideflexible and responsive alternatives for our customers," heboasted.

Industrial Risk Insurers provides primary loss limit propertyinsurance and global property loss prevention and risk managementservices, which helps customers to access competitive insuranceprograms and to manage their losses. Headquartered in Hartford,CT., IRI is a member of GE Commercial Insurance.

GE Commercial Insurance is one of the operating units of GEEmployers Reinsurance Corporation. GE ERC is the world's fourthlargest reinsurer and a premier global provider of risksolutions.