ERC to Concentrate Global Life & Health Business; Will Specialize in Europe Life & Health, United States Accident & Health.Business Editors OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan.--(BUSINESS WIRE)--Nov. 6, 2003 GE's Employers Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Corporation (ERC (database) ERC - An extended entity-relationship model. ) today announced a strategy to focus on selected markets and products to create a smaller, higher return life and health reinsurance business. ERC will focus its Global Life & Health unit on life and health reinsurance in Europe and accident and health reinsurance in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . ERC will cease writing new life reinsurance in the United States, and will no longer offer life and health reinsurance products in Canada, Latin America and Asia Pacific. In the United States, ERC's product lines will include accident, health, disability, long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and behavioral health reinsurance. In Europe, the company will continue to offer clients a full line of life, accident, health, disability and long-term care reinsurance products through its offices in London, Munich, Paris, Madrid, Milan, Copenhagen, Athens, and Folkestone, U.K. "Our U.S. accident and health reinsurance clients and our European life and health reinsurance clients will continue to have access to a wide array of specialized products and services provided by some of the industry's top experts," said Ron Pressman, GE ERC chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "By focusing on these select products and regions, we will be creating a sustainable, customer-focused business that generates strong returns." The strategic changes will lead to a reduction of 90 positions around the world during the next eight months. GE ERC is providing all those affected with a comprehensive package of severance and career transition assistance. ERC's Global Life & Health unit represents about 25 percent of the company's net written premium. ERC also offers property and casualty reinsurance through its ERC Global Property & Casualty unit as well as commercial property and casualty insurance through its GE Commercial Insurance unit. The announcement has no impact on those businesses. GE's Employers Reinsurance Corporation (NYSE NYSE See: New York Stock Exchange : GE) is a company that protects lives, property and reputations. ERC serves clients with reinsurance and commercial insurance and other risk management services. More information on ERC is available at www.ercgroup.com. |
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