Umair Gaines
General Electric (GE) has had a complex history with insurance companies, including acquisitions, spin-offs, and divestments. In 1996, GE Capital, a subsidiary of GE, acquired The Life Insurance Company of Virginia, which was later incorporated as Genworth Financial, Inc. in 2003. Genworth Financial became a public company in 2004, and GE sold its remaining stake in the company in 2006. GE also owned 80% of NBCUniversal, which held insurance assets, until 2009 when it became a joint venture with Comcast. Additionally, GE employees are served by Electric Insurance Company, offering auto, home, and liability coverage.
| Characteristics | Values |
|---|---|
| Name of the insurance company owned by General Electric | Genworth Financial |
| Year General Electric owned the insurance company | 1996-2006 |
| Year General Electric sold its remaining stake in the company | February 2006 |
| Amount General Electric sold its remaining stake for | $2.8 billion |
| Headquarters of the insurance company | Richmond, Virginia |
| Year the insurance company was founded | 1871 |
| Original name of the insurance company | The Life Insurance Company of Virginia |
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What You'll Learn
Electric Insurance Company is a GE subsidiary
The company has a range of insurance products, including coverage for automobiles, homes, and businesses. For example, they offer up to $10,000 in coverage for business property while on residence premises and up to $5,000 for business property away from residence premises. They also have a Great Driver App Program that allows customers to save money on auto insurance. The app monitors driving patterns, and customers can save up to 20% on their policy renewal if they maintain a good driving score.
Electric Insurance has been dedicated to protecting the assets of GE employees. Since 2000, the company has paid out more than $89 million through the PEL insurance benefit, providing affordable peace of mind for employees. The PEL policy is designed to be more cost-effective than a traditional umbrella policy, with additional coverages and higher coverage amounts.
In addition to its insurance offerings, Electric Insurance Company prioritizes convenience and security for its customers. They have partnered with Paymentus Corporation to provide an online bill payment service that is highly secure. This partnership ensures that customers can easily manage their premium payments while also safeguarding their personal information.
Electric Insurance Company, a subsidiary of GE, has a long history of providing comprehensive insurance solutions, coupled with a dedication to customer satisfaction and innovation. With a presence across the United States and a range of products, they continue to serve individuals, families, and employees with their insurance needs.
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Genworth Financial, a GE spin-off, offers life insurance
In 1928, the company wrote its first annuities business and expanded its offerings to include mortgage insurance, lifestyle protection, and long-term care insurance. Over the years, the company changed hands several times, eventually becoming a subsidiary of GE Capital in 1996. In 2003, the company was incorporated as Genworth Financial, Inc., and in 2004, it became a public company through an initial public offering. GE sold its remaining stake in Genworth Financial in 2006 for $2.8 billion.
As a separate company, Genworth Financial has continued to evolve and expand its business. In 2007, it sold its wealth management unit to private equity firms for $412.5 million. In 2009, its Canadian mortgage insurance subsidiary, Genworth MI Canada, completed an initial public offering on the Toronto Stock Exchange, raising $850 million. In 2011, the company sold its Continental Life Insurance business to Aetna for $290 million, and in 2012, it sold its financial adviser unit, Genworth Financial Investment Services, to Cetera Financial Group.
In recent years, Genworth Financial has faced some challenges, including a data breach in 2023 that affected 2.5-2.7 million customers. The company has also settled shareholder lawsuits, paying out $219 million in 2016. Despite these setbacks, Genworth Financial remains a significant player in the insurance industry, providing a range of financial protection products to its customers.
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GE sold its stake in Genworth Financial in 2006
General Electric (GE) has had a stake in several insurance companies over the years. In 1996, GE Capital acquired The Life Insurance Company of Virginia, which was founded in 1871 and had been operating in the insurance industry since 1928. This company was later incorporated as Genworth Financial, Inc. in 2003 and became a public company in 2004.
GE's involvement with Genworth Financial:
GE's involvement with Genworth Financial began in 1996 when GE Capital acquired The Life Insurance Company of Virginia, which later became Genworth Financial. In May 2004, Genworth Financial became a public company through an initial public offering, with GE selling 30% of Genworth's common stock for $2.86 billion. At this point, GE still owned approximately 51% of Genworth's common stock.
In March 2005, GE announced plans to sell a portion of its remaining stake in Genworth Financial through a secondary public offering and a sale to Citigroup Global Markets Inc. The company intended to reduce its ownership over the next two years, gradually transitioning Genworth to full independence.
Finally, in February 2006, GE sold its remaining stake in Genworth Financial for $2.8 billion. This marked the end of GE's involvement with the company, allowing Genworth to operate as a fully independent entity.
Other insurance ventures:
In addition to its involvement with Genworth Financial, GE has had a diverse range of insurance ventures. GE Capital, the financial services division of GE, has been particularly active in this area. Over the years, GE has owned and divested various insurance companies and assets, including mortgage and life insurance businesses.
GE has also had a presence in the insurance market through Electric Insurance, which provides insurance coverage for GE employees. Electric Insurance offers a range of policies, including homeowners' insurance and business data coverage for casual online sellers.
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GE's PEL insurance benefit protects employees' assets
General Electric (GE) has offered its employees an insurance program since 1966. This includes significant discounts on auto, home, condo, and renters insurance. The program also features the unique Personal Excess Liability (PEL) benefit. GE's PEL insurance benefit has been protecting employees' assets since 2000 and has paid out more than $81 million in claims.
The PEL benefit covers the difference between the amount of a judgment or settlement against an employee and the limits of their auto or home policy. For example, if there is a $500,000 judgment against an employee and their auto policy's liability limit is $100,000, the PEL policy would cover the remaining $400,000. This benefit is particularly useful for employees who are sued beyond the coverage of their existing policies.
GE's insurance program also offers additional rebuilding expense coverage, which pays the amount needed to rebuild an employee's home after a major loss, even if the cost exceeds the policy coverage limit. The program also includes coverage for personal property, paying the full amount required to replace stolen or destroyed belongings with new items of the same quality, without deducting for depreciation. This is a unique feature, as many insurance companies reduce claim checks by applying depreciation.
Furthermore, GE's insurance program provides business data coverage for casual eBay sellers or Etsy shop owners with annual business income of $2,000 or less. This covers the costs related to the loss of business data, such as accounts, paper records, computers, and related equipment. The program also offers up to $3,000 in coverage for electronic apparatus and accessories used primarily for business, both while they are in an employee's vehicle and away from their residence.
Overall, GE's PEL insurance benefit provides comprehensive protection for employees' assets, offering peace of mind at an affordable cost.
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Electric Insurance Company offers auto and home insurance
Electric Insurance Company, domiciled in Massachusetts and with its principal place of business in Beverly, Massachusetts, offers auto, home, and excess liability coverage for individuals and families. The company has over 50 years of industry experience and is a licensed property/casualty insurer in all 50 states plus the District of Columbia and Puerto Rico.
Electric Insurance Company provides a range of coverage options for its customers. For auto insurance, the company offers the Great Driver App Program, which allows customers to save money on their auto insurance. By downloading the app and driving for 100 days, customers can earn scores based on their driving patterns, with good scores leading to potential savings of up to 20% on their policy renewal. Electric Insurance Company also offers coverage for homes, including a cash settlement option in the event of a total loss, coverage for water/sewer backup damage, and additional rebuilding expense coverage.
For General Electric employees, Electric Insurance offers the PEL insurance benefit, which has paid out more than $89 million since 2000 to protect employees' assets. The company also provides coverage for business property, business data, and electronic apparatus for casual eBay sellers, Etsy shop owners, and other businesses with annual revenue under $5,000.
Electric Insurance Company is a wholly-owned subsidiary of RiverStone International Holdings, Inc. and is subject to regulatory approval to change its name to RiverStone International Insurance, Inc. in the future. The company's customers can make premium payments through Paymentus Corporation's secure online bill payment service, with Paymentus being a separate corporation authorised to process payments on behalf of Electric Insurance Company.
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Frequently asked questions
General Electric owned 80% of NBCUniversal and in 2004, it spun off most of its mortgage and life insurance assets into an independent company called Genworth Financial.
Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.
The firm was founded as The Life Insurance Company of Virginia in 1871, in Petersburg, Virginia. In 1996, Life of Virginia was acquired by GE Capital. The company was incorporated as Genworth Financial, Inc. in 2003 and became a public company in 2004. GE sold its remaining stake in the company in 2006.
Electric Insurance Company is a wholly-owned subsidiary of RiverStone International Holdings, Inc. It offers auto, home, and excess liability coverage for individuals and families and is licensed in all 50 states plus the District of Columbia and Puerto Rico.
Electric Insurance has a Great Driver App Program that allows customers to save money on auto insurance. Customers can save 10% when they buy an Electric Insurance auto policy and download the app. After driving for 100 days and earning scores based on their driving patterns, they can save up to 20% when their policy renews.
