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GE CAPITAL ANNOUNCES COOPERATION AGREEMENT BETWEEN THE SUMITOMO MARINE & FIRE INSURANCE COMPANY AND FINANCIAL GUARANTY INSURANCE COMPANY

 STAMFORD, Conn., Jan. 19 /PRNewswire/ -- GE Capital today announced a long-term cooperation agreement between the Sumitomo Marine and Fire Insurance Company, Limited and Financial Guaranty Insurance Company (FGIC), a GE Capital company. The agreement between the two firms is for the purpose of sharing knowledge about the structured finance business and jointly developing opportunities for financial guaranty insurance covering Japanese asset-backed securities.
 "We are pleased to now be associated with one of the largest insurers in the Far East," said Ann C. Stern, president and chief executive officer of FGIC. "Sumitomo is interested in learning more about FGIC's successful approach to the structured finance business, and FGIC, in turn, is interested in learning more about the developing Japanese securitization market."
 Under the terms of the agreement, Sumitomo has acquired a one percent share of the common stock of FGIC Corporation, which owns 100 percent of Financial Guaranty Insurance Company. GE Capital retains 99 percent ownership of FGIC Corporation.
 FGIC Corporation, through its subsidiary, Financial Guaranty Insurance Company, has established itself as a leading insurer of securities sold in the capital markets, principally municipal bonds. The company also guarantees a growing variety of debt issues outside of the municipal market.
 GE Capital, headquartered in Stamford, a wholly owned subsidiary of General Electric Company, is a diversified financial services company with assets exceeding $85 billion. GE Capital's financing activities include equipment and asset management, equipment financing, consumer/retail financial services, private label and Visa and MasterCard credit cards, automotive financing, commercial real estate financing and specialty insurance, such as private mortgage and municipal bonds. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 1/19/93
 /CONTACT: Thomas F. Lamb Jr., of GE Capital, 203-357-4346, or David Caouette of FGIC, 212-312-3009/


CO: GE Capital; Sumitomo Marine and Fire Insurance Company ST: Connecticut IN: INS SU:

AH-OS -- NY022 -- 6284 01/19/93 11:29 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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