General Electric has confirmed it is looking for buyers for its remaining insurance operations. The diversified technology, media and financial services company announced last week that it had sold off its Insurance Solutions business, including Employers Reinsurance Corporation (ERC), to Swiss Re for USD 8.5bn (EUR 7.27bn) in securities, cash and the assumption of debt. A number of insurance related subsidiaries, however, remain within the group's portfolio. They are the UK-based GE Life unit, with 500 employees, the US headquartered Employers Reassurance Corporation (ERAC) with 130 employees, and Union Fidelity Life, also based in the US, with a headcount of 30. In addition, the company owns a 27% stake in US life assurer Genworth and a 10-13% stake in Swiss Re, the latter as a result of the recently announced deal. Speaking in an interview on Tuesday, a spokesperson for GE confirmed that the company was looking for buyers for all three of the wholly owned subsidiaries. "We have said in public that insurance has not been a good strategic fit for the company," he said. "The remaining insurance operations are lower volatility and we'll continue to explore opportunities as they come about. If we see an opportunity to create value for shareholders, we will consider a sale." He added that the company was aiming to sell down its stake in Genworth by the end of 2006 but refused to confirm whether it was in discussions with buyers for any of its remaining insurance operations at present.