US conglomerate GE is continuing to examine the possibility of unloading its previously profitably reinsurance businesses. CFO Keith Sherin reportedly told analysts at the weekend that the GE life reinsurance arm of Employers Re will be sold next year. That’s on top of his admission that Employers Re’s exposure to the World Trade Centre disaster has risen about $196 million in the past year – on top of the $1.06 billion it’s already exposed to. Mr Sherin said claims across all lines have “increased in size and accelerated in their frequency” and Employers Re will post a $2.8 billion loss this year.

“GE’s life reinsurance business is about 25 % of the Employers Re book here, and we’re preparing a process to try to sell that business,” Mr Sherin said. The life reinsurance arm will be sold in the first half of next year.