ERC heads GE Canadian business

The General Electric Group has announced that its Canadian Reinsurance interests under GE Capital will in future be conducted through Employers Reinsurance Corporation (ERC). The restructuring will see all new business funneled through ERC solely. Peter Borst, current vice president and chief agent of ERC, will take leadership of the combined business. The restructuring will see GE Capital subsidiaries ERC Frankona Ruckvesicherungs-AG of Munich and Illinois-based GE Reinsurance Corporation of Lincolnshire cease to write new business in Canada. Canadian Staff and facilities of both subsidiaries will be relocated to occupy the same premises as ERC Reinsurance.

The restructuring brings together ERC’s broker and direct writing business in Canada. This, according to Borst, is not expected to present any problems, but rather to bring about cost-efficiencies and combined expertise for both books of business. “The move will enable us to advance our business, primarily on the broker side.”