Gross written premiums less treaty (2001): £323m
GE Financial Insurance Europe
Address: Vantage West, Great West Road, Brentford, Middlesex, TW8 9AG
Tel: 020 8380 3000
Fax: 020 8380 3300
Year established: 1972
History: GE Financial Insurance Europe (GEFI Europe) is a specialist insurer and one of Europe's leading providers of creditor insurance. Working in partnership with leading high street banks, building societies, finance houses, retailers, travel agents and airlines, GEFI Europe provides financial protection for consumers through short-term, private label insurance products. In the UK, GEFI now protects more than a quarter of the working population.
GEFI Europe's first operation outside the UK was established in 1986 and now spans 12 countries. Although creditor insurance remains the core product provided outside of the UK, a series of strategic initiatives are focused on expanding the product portfolio for European markets.
GEFI Europe was established in 1972 under the name of Financial Insurance Group (FIG). In 1992, GE Capital acquired FIG and two years later acquired Consolidated Insurance Group (CIG). Both companies were merged and the newly created business was named Consolidated Financial Insurance. In addition, various other insurance companies were acquired, including Accident & General, and operated under the CFI umbrella.
In 1999, this group of companies was brought together under the name of GE Insurance Holdings. GE Insurance Holdings serves as the European platform for US-based GE Financial Assurance, a global consumer insurance and investment group. GE Financial Assurance is part of the General Electric Company of America.
Chief officer: Bill Goings
Biography: Goings is managing director of GE Financial Insurance Europe (GEFI Europe), based in Brentford, Middlesex.
Previously, Goings was senior vice president of GEFA-Direct and business to consumer e-business leader for GEFA. In these positions he was responsible for product and channel management for GEFA Direct, including the direct to consumer distribution of insurance and investment products.
Goings also led the development of the GE Financial Network (www.gefn.com) and the GE Centre for Financial Learning (www.financiallearning.com).
Since joining GE in 1997, Goings has held several key positions, including e-business leader for GEFA, where he helped catalyse global e-initiatives and served in a business development role, leading the acquisition of GEFA's Independent Accountant's Network (IAN).
His previous experience includes working for Amoco Corporation (BP/Amoco), Citibank, Continental Bank and Philadelphia National Bank (First Union).
Goings holds a Masters of Management degree from Northwestern University and a Bachelor of Arts Degree from Morehouse College.
UK branches: 1
UK staff (average for 2002): 750
Major shareholders: GEFI Europe is a wholly owned subsidiary of General Electric
Main lines of business: Main lines include creditor, personal accident and travel insurance