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May 31, 2005

Pressman Champions the Industry’s Actuaries

GE Insurance Solutions chairman, president and CEO Ron Pressman told one of the nation’s leading actuarial organizations that the insurance industry needs its active involvement and leadership to prosper consistently in the future.

Addressing the Casualty Actuarial Society Spring Meeting in Phoenix today, Pressman challenged the actuaries to help the industry reverse a trend of “self-inflicted cyclicality,” stating “the good news is that because we inflict it on ourselves we know exactly how to alleviate it.”

Pressman said actuaries can help give the insurance industry the consistency it needs to reverse the trend of unprofitable underwriting. “Actuaries can help our business and our industry deliver the consistency that our stakeholders are crying out for. Consistency for our customers in pricing and underwriting. Consistency for our investors with stronger and less volatile returns.”

Pressman called on the crowd of 600 actuaries to assume a leadership role. “Actuarial science has perhaps never had a better moment to shine and lead in this industry.”

Further, he said: “We ask our actuaries for leadership in a way we never have before. You’re not spectators or scorekeepers … you are called on to be the conscience of this industry and our business. You cannot sit on the sidelines and say ‘I told you so’ … you must be active and involved … in helping make data-driven business decisions and owning the results.”

Pressman also said he believes the insurance industry’s mission is rooted in integrity and goodness and that the industry can harness the talent and discipline of its actuaries to propel itself to stability, success and even greatness.

Summing it up, he said to the actuaries: “Without you, we go nowhere in this industry.”

In addition to his roles with GE Insurance Solutions, Ron Pressman serves as a member of the GE Corporate Executive Council reporting to GE CEO Jeff Immelt and as a director of GE Capital Services. He was elected an officer of the General Electric Company in 1993 and senior vice president in July 2000.

Click here to read the full text of Pressman’s speech.

GE Insurance Solutions (NYSE: GE) protects people, property and reputations. With more than $50 billion in combined assets, the GE Insurance Solutions group of companies is one of the world’s leading providers of commercial insurance, reinsurance and risk management services. Combining deep practical risk expertise with GE's business acumen, our dedicated professionals in 28 offices around the globe help customers understand and manage risk more effectively. More information is available at www.geinsurancesolutions.com.

Posted by Tom Troceen