GE just lifted the veil on one of its businesses. Here's what we know about it:
General Electric hosted an insurance “teach-in” for analyst an investors today. The event introduced investors to the term “retrocessionaires” and provided analysts will an opportunity to grill management about GE’s legacy insurance business.
The back story. Culp was brought in to turn around the ailing industrial giant. When he arrived, GE stock was down more than 80% from its all-time high. Investors had lost confidence in the company’s leadership amid questions about its debt and accounting practices. Presenting for the company were some of the new employees Culp has assembled to help turn things around, including Bob Deutsch, GE’s new chief actuary. He arrived in May 2018—just before Culp—from outside the company. Anthony Grandolfo is the new chief investment officer; he started in October. Tim Kneeland, who joined GE from Transamerica in November, is running GE’s reinsurance operation.
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