GE Asset Management promoted two members of its fixed income investment team. Katy Rossow is now head of fixed income and Eric Gould is the new senior vice president and head of structured product investing. Rossow's responsibilities will include overseeing the investment research activities of more than 30 fixed income analysts while Gould will be responsible for identifying and leading new opportunities for growth within the group. Rossow, who has been with GEAM for five years, brings over 25 years of industry experience in the banking and finance sectors. Meanwhile, Gould has been with GEAM for seven years specializing in ABS and CMBS. He has over 17 years of industry experience. Both promotions coincide with a realignment of GEAM's fixed income resources designed to drive investment performance and to grow assets under management.
James Douglas, Vermont's governor, signed a state law last week that allows securitized transactions by captive insurers. Securitization using a reinsurance captive will permit companies to optimize their balance sheets by transferring certain risks to capital markets, reports said. This area's growth was driven by life insurance companies looking for a way to finance life insurance reserves. "Securitizations are set to grow over the next few years, and with our new legislation, we feel Vermont will be an attractive jurisdiction for these types of transactions," said Leonard Crouse, Vermont's deputy commissioner of captive insurance. Vermont is the largest captive insurance domicile in the U.S. and the second-largest in the world in terms of gross written premiums, with $11.55 billion in 2006.