General Re is a holding company which owns and manages seven different reinsurance companies including Gen Re, NEAM, General Star, Genesis, USAU, Faraday, and Gen Re Intermediaries. It is the world’s leading property/casualty and health/life reinsurance corporations.
As a Berkshire Hathaway company, General Re has a uniquely strong finance sheet, allowing it to reinsure larger claims than other corporations. As of 2017, the company had around $14 billion in capital and $6 billion in premiums available to it.
General Re has a network of more than 40 offices around the world and employs more than 1,900 people globally. The reinsurance solutions General Re’s companies offer are available for automotive, property, surety, health, life, and casualty insurance, to name a few.
General Casualty and Surety Reinsurance Corporation was formed in 1921 after two other insurance companies merged to form. Two years later, the name was shortened to General Reinsurance Corporation.
The company weathered the Great Depression with some difficulty, and after World War II was forced to merge with Mellon Indemnity Corporation to help balance out its spreadsheet. It was in the 1960s that the company began to focus primarily on reinsurance and it quickly became one of the largest and most profitable reinsurance companies in the country.
General Reinsurance Corporation was reorganized slightly in 1980 and renamed General Re Corporation. It began a slow spread overseas through the 80s and 90s. It formed a number of partnerships including an alliance with Cologne Re in 1994 and the purchase of National Re in 1996. In 1998 the company became part of Berkshire Hathaway.
The company began doing business as Gen Re in 2003, and in 2009, General Re completed its purchase of Cologne Re, renaming the company General Reinsurance AG shortly thereafter. Under Berkshire Hathaway, General Re has continued to expand and grow, offering its customers the financial security they need from a name that has been in the business for around a century.