Hurricane Katrina blows profits of GE reinsurance firm down by 80%

Profits at the Irish division of GE ERC, the reinsurance firm owned by General Electric, fell by more than 80 per cent last year after the company was forced to make big payouts.

Ian Kehoe - avatar

Ian Kehoe

3rd June, 2006

Profits at the Irish division of GE ERC, the reinsurance firm owned by General Electric, fell by more than 80 per cent last year after the company was forced to make big payouts.

The company made a pretax profit of €6.8 million last year, down from €32.3 million in 2004, according to accounts just filed. The company employs seven people in the International Financial Services Centre in Dublin.

‘‘In 2005, the insurance and reinsurance industry experienced the...

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