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News - GE confirms (re)-insurance sell-off plan.
(From Reinsurance)
General Electric (GE) is reportedly planning to sell off all of its remaining (re)insurance operations.
Ron Pressman, chief executive of GE Insurance Solutions, said in a press conference that the parent company was planning to sell down to no involvement in the insurance sector over time. He did not state an exact time period.
However, Mr Pressman did say that: "Two or three years from now, it probably will be a more robust (mergers and acquisitions) market. We're patient.
If something comes at us, great. If it takes a couple of years, so be it."
Mr Pressman's comments come almost exactly a year after GE's reinsurance arm, formerly trading under the Employers Reinsurance and Frankona banners, underwent a substantial rebranding and reorganisation programme.
A spokesperson for GE Insurance Solutions confirmed that the report was correct, adding that GE has made no secret about the corporation's plan to reduce investments in insurance significantly over the long term.
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