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GE closed today at $33.87 down 20 cents, a mere blip downwards of .59 percent. GE today wasn't announcing big news, just finishing up its spinning off of its reinsurance business. This deal makes Swiss Re the world's largest reinsurance firm. A further bonus: GE picked up an additional $1.8 billion in the deal as GE Insurance's book value increased since striking the deal.
The Insurance section of GE has cost the company a lot, losing over $700 million and needing some $3.2 billion of capital. Immelt must be thrilled to see GE finalizing this deal. As he admitted in the last investors meeting, 'he no longer has to obsessively watch the weather channel.'
GE after the bell 6/12/06: down a bit, but without load of insurance division anymore
Posted Jun 12th 2006 4:51PM by Tobias Buckell
Filed under: After the Bell, Deals, Press Releases, Products and Services, Competitive Strategy, General Electric (GE)
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