GE Commercial Merges Operations

By Daniel Hays

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

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

M.J. Frascino, marketing director at IRC, said the main office for the combined operations will be in Hartford. Asked if the merger would result in staff level cuts, she said, "the groups are putting a strategy together right now. Once that is put together we will make a decision on personnel. Right at this point there are no changes."

GE said 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, the company said, will continue to service customers looking for independent property risk management solutions.

Louis Parker, president and chief executive officer of GE Commercial Insurance said the company is "excited about the extended market opportunities of integrating the two businesses.

"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 R. Eudy, who will lead the new combined organization, said GE is strengthening its commitment to the structured property insurance market.

"We have the ability," Mr. Eudy said, "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."

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

"Our increased capacity and loss prevention expertise provide flexible and responsive alternatives for our customers," he boasted.

Industrial Risk Insurers provides primary loss limit property insurance and global property loss prevention and risk management services, which helps customers to access competitive insurance programs 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 GE Employers Reinsurance Corporation. GE ERC is the world's fourth largest reinsurer and a premier global provider of risk solutions.

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GE Commercial Merges Operations

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