RICHMOND, VA: Following a worldwide RFP process, GE Financial has chosen Financial Dynamics (FD) to handle communications for the spin-off of the conglomerate's life and mortgage insurance operations.
Since 1999, GE Financial had relied on Peppercom, a midsize New York-based firm, as its agency of record.
Neither GE nor FD would disclose a dollar figure on the account, but the spun-off company, named Genworth Financial, will have assets of nearly $100 billion and is expected to be a Fortune 200 company and a major player in the insurance business. Earlier this year, GE Financial filed with the US Securities and Exchange Commission for an IPO for the Genworth unit, which is expected to happen sometime this year.
"We were looking for a single firm that could offer us coverage not only in the US but across the world and do so with the same level of quality on a consistent basis," said Mike Kachel, VP of PR for GE Financial.
Kachel declined to go into specifics regarding the AOR decision.
Ed Moed, Peppercom managing partner and cofounder, said the firm still has business with GE corporate and several of its businesses, and has recently won work with the Bank of Montreal and Retail Decisions Group. He added that Peppercom is preparing to announce new business with three Fortune 100 companies, including TIAA-CREF.
"For the first time in its history, GE is spinning off a company," Moed said. "We've done award-winning work over the past five years. Now they need global help - not just global, a firm with locations on the ground in 20 or more places. We do a lot of global work for our clients, but that's just not us."
Kachel said, "We talked to multiple firms in the US and Europe and felt like Financial Dynamics would be the best choice as a single point of contact."
FD is GE Financial's first global AOR. The firm's US CEO, Declan Kelly, is leading the global team.
"It's one of the biggest accounts in our industry," Kelly said. "It's further evidence of the growth of Financial Dynamics."
Since a group of senior managers bought out the UK-based firm from marketing giant Cordiant last July, FD has enjoyed a surge of business wins. The GE Financial business, however, will certainly stand as one of its largest accounts.