GE Insurance Solutions reports solid renewals

GE Insurance Solutions companies (NYSE: GE) secured nearly US$1.5 billion of property and casualty reinsurance business in the recently completed Jan. 1 renewal season.
The GE Insurance Solutions team recently added 62 new reinsurance treaty clients and US$149 million in new business premiums, a 14% increase in new business over the 2005 renewal season.
The companies renewed more than US$1.3 billion of their property and casualty reinsurance business, an 86% retention rate.
“Our clients have been supportive of our strategy, our focus on underwriting rigor and the proposed sale of GE Insurance Solutions to Swiss Re,” Ron Pressman, chairman, president and CEO of GE Insurance Solutions, says. “We are very pleased with the success of this renewal season and the vote of confidence given us by our clients around the world.”
Renewals were strongest in North America with a 90% retention rate and premiums of US$600 million. The Global Markets and Continental European teams had somewhat lower retention rates of 82% and 86% respectively.
The Jan. 1 renewal season is important for reinsurers because many clients update their annual agreements effective on that date.
About 50% of GE Insurance Solutions property and casualty reinsurance premiums renew on Jan. 1.
GE Insurance Solutions, with more than US$50 billion in combined assets, is a leading provider of commercial insurance, reinsurance and risk management services.