Beverlyy, Mass. - Electric Insurance Co. has named Marc A. Meiches, 53, president and chief executive officer. Meiches succeeds Larry Cohen who has been acting CEO since April 2005.Meiches comes to Electric Insurance from GE Insurance Solutions (GEIS) where he was the executive vice president and CFO. He joined GEIS in 2000 with more than 20 years of financial experience in creating and leading global organizations. GEIS, with more than $10 billion in premium and $50 billion in combined assets, employed 2,500 people in 50 states and 22 countries. The company was recently sold to Swiss Re.
Prior to GEIS, Meiches was EVP, COO and CFO at GE Capital Aviation Services, based in Stamford, Conn. He is a former GE corporate audit staff member and a graduate of the Financial Management Program (FMP). He began his GE career in 1978 after graduating from the University of Nebraska, and was named a GE officer in 2000.
"I am excited to join Electric Insurance," says Meiches. "I look forward to continuing to build on our history of providing world-class service to GE and to our personal lines agents and policyholders."
Electric Insurance provides personal lines insurance products. Originally incorporated in 1966 to serve the needs of GE's employees, Electric Insurance has since expanded its auto, homeowners, and umbrella insurance products to consumers through its independent agent channel and direct-to-consumer Web site. Electric Insurance is a direct benefit provider of personal excess liability insurance to the GE workforce. In addition, the company is an insurer, reinsurer and third-party administrator for many of GE's insurance programs.
Electric Insurance manages approximately $160 million in personal lines premium for nearly 125,000 policyholders and holds solid credit ratings of "A-/Excellent" from A.M. Best and "A/Strong" from Standard & Poor's.
Source: Electric Insurance Co.
