GE Insurance Solutions Has Fourth-Quarter Loss

NU Online News Service, Jan. 21, 12:16 p.m.EST?GE Insurance Solutions, part of Fairfield, Conn.-basedGeneral Electric Company, reported a $207 million 2004fourth-quarter loss impacted by catastrophe claims. [@@]

In 2003, the company registered a $121 million profit for theperiod, GE said.

The company for the full year had a net profit of $36 million, adrop from 2003 when GE Insurance Solutions recorded a $482 millionnet profit.

Last year's fourth-quarter loss was caused by increased lossesfrom catastrophes and adverse developments, said GE InsuranceSolutions spokesman John Novaria. For full-year 2004, GE InsuranceSolutions reported $1.15 billion for adverse developments for years1997 to 2001.

Mr. Novaria said GE Insurance has made a strong first-quarterstart, having renewed more than 90 percent of its targetedproperty-casualty businesses at Jan. 1. The company has alsosecured more than 65 new clients in its p-c treaty business thisyear.

GE Insurance Solutions' parent corporation, General ElectricCompany, reported strong earnings for 2004, posting $16.6 billionin net profit for the full year, up 6 percent from the yearbefore.

GE Insurance Solutions offers a wide range of insurance andinvestment products, including commercial insurance and reinsuranceproducts and services to insurance companies, Fortune 1000companies, self-insurers, and health care providers.