What’s new: In brief (May 26, 2004)

GE has priced the IPO of its investment/life insurance spin-off, Genworth Financial (NYSE: GNW), which could net US$2.5-2.9 billion. After the offering, GE will own about 70% of the company.

More than 500 people have been killed by flooding in the Caribbean. Hardest hit have been Haiti and the Dominican Republic, specifically Hispaniola (an island shared by Haiti and the Dominican Republic), with the U.S. and Canada troops in the region assisting in the emergency effort.

World’s largest reinsurer Munich Re has posted net income of EUR 534 million for the first quarter, with a combined ratio of 96.3% in its non-life reinsurance operation and 95.4% in its p&c insurance ops. In the first quarter of 2003, the company posted net income of EUR 557 million on a combined ratio of 96.8% for non-life reinsurance and 98.5% for p&c primary. While gross written premiums dropped by 4.7%, investment income more than double that for the same period a year ago.