SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-k
ANNUAL REPORT PURSUANT TO
SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
for the Fiscal Year ended December 31, 1994
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
OF
GENERAL RE CORPORATION
AND ITS DOMESTIC SUBSIDIEIARES
(full title of plan)
GENERAL RE CORPORATION
Financial Centre
695 East Main Street
Stamford, Connecticut 06904-2350
(Name of issuer and address of principal excutive office)
<PAGE>
FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements - See accompnaying Report of Examination of
independent Acccountants
(b) Exhibit 1 - Consent of Independent Accountants
SIGNAUTURES
The Plan: Pursuant to the requirements of the Securities and Exchange Act
of 1934 the plan administrator has duly caused this annual report to be
signed by the undersigned hereunto duly authorized.
PLAN: EMPLOYEES SAVINGS AND STOCK OWNERSHIP PLAN OF GENERAL RE
CORPORATION AND ITS DOEMSTIC SUBSIDIARIES
PLAN
ADMINISTRATOR: GENERAL RE CORPORATION
BY:________________________
Charles F. Barr
Date: June 29, 1995
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration
statement of General Re Corporation and subsidiaries on
Form S-8 (File number 2-75489) of our report dated June 27,
1995 on our audits of the financial statements and financial
statement schedules of the Employee Savings and Stock
Ownership Plan of General Re Corporation and Its Domestic
Subsidiaries as of December 31, 1994 and 1993, and for
the year ended December 31, 1994, which report is included
in this Annual Report on Form 11-K.
New York, New York
June 27, 1995
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
OF GENERAL RE CORPORATION
AND ITS DOMESTIC SUBSIDIARIES
Financial Statements
For the Years Ended December 31, 1994 and 1993
and Supplemental Schedules
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
INDEX of FINANCIAL STATEMENTS and SCHEDULES
Page(s)
Report of Independent Accountants 2-3
Financial Statements:
Statements of Net Assets Available for Plan
Benefits, with fund information at
December 31, 1994 and 1993 4
Statement of Changes in Net Assets Available
for Plan Benefits, with fund information
for the year ended December 31, 1994 5
Notes to Financial Statements 6-14
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes
at December 31, 1994 15
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1994 16
Schedules other than those listed above have been omitted
since they are either not required or are not applicable.
1
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of the Employee Savings and Stock Ownership
Plan of General Re Corporation and Its Domestic Subsidiaries:
We have audited the accompanying statements of net
assets available for plan benefits of the EMPLOYEE SAVINGS
AND STOCK OWNERSHIP PLAN of GENERAL RE
CORPORATION and ITS DOMESTIC SUBSIDIARIES
(the Plan) as of December 31, 1994 and 1993 and the related
statement of changes in net assets available for plan benefits
for the year ended December 31, 1994. These financial
statements are the responsibility of the Plan's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made
by the administrator, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the net assets
available for plan benefits of the Plan as of December 31,
1994 and 1993 and changes in net assets available for plan
benefits for the year ended December 31, 1994, in
conformity with generally accepted accounting principles.
As explained in Note 3, the financial statements
include securities valued at $217,880,419 and $192,381,566
at December 31, 1994 and 1993, respectively, (67% and 66%
of total assets of the Plan, respectively) whose values have
been estimated by the trustees of the Plan in the absence of
readily ascertainable market values. We have reviewed the
procedures used by the trustees in arriving at their estimate
of value of such securities and have inspected the underlying
documentation, and, in the circumstances, we believe the
procedures are reasonable and the documentation
appropriate. However, because of the inherent uncertainty of
valuation, those estimated values may differ significantly from
the values that would have been used had a ready market for
the securities existed, and the differences could be material.
2
REPORT OF INDEPENDENT ACCOUNTANTS (continued)
Our audits were performed for the purpose of forming
an opinion on the basic financial statements taken as a whole
The supplemental schedules of assets held for investment
purposes at December 31, 1994, and of reportable transactions
for the year ended December 31, 1994, are presented for the
purpose of additional analysis and are not a required part of
the basic financial statements but are supplementary
information required by the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The Fund
Information in the statement of net assets available for plan
benefits and the statement of changes in net assets available
for plan benefits is presented for purposes of additional analysis
rather than to present the net assets available for plan benefits
and changes in net assets available for plan benefits of each
fund. The supplemental schedules and Fund Information have
been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, are fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
The schedule of reportable transactions that
accompanies the Plan's financial statements does not disclose
the historical cost of the investments comprising the transactions
Disclosure of this information is required by the Department
of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974.
New York, New York
June 27, 1995
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
of GENERAL RE CORPORATION AND ITS DOMESTIC SUBSIDIARIES STATEMENTS OF
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
with fund information
December 31, 1994 and 1993
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
of GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
STATEMENT of CHANGES in NET ASSETS AVAILABLE for PLAN
BENEFITS, with fund information
for the year ended December 31, 1994
Pursuant to section 232.311(c), General Re Corporation has elected to file
financial statements and schedules prepared in accordance with the financial
reporting requirements of ERISA in paper format.
3
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC
SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS
1. Description of Plan
The following description of the Employee Savings and
Stock Ownership Plan of General Re Corporation and Its
Domestic Subsidiaries (the Plan) provides only general
information. Participants should refer to the Plan
agreement for a more complete description of the Plan's
provisions.
General - The Plan is a defined contribution plan
covering employees of General Re Corporation and its
Domestic Subsidiaries (the Company) who complete a
twelve month period of not less than one thousand hours
of service. The Plan allows employees of the Company to
make after tax contributions as well as tax deferred
contributions to the Plan as permitted under Internal Revenue
Code Section 401(k). In addition, the Company
contributes an amount (the Company match) related to the
amount of employee investment. The Plan is subject to the
provisions of the Employee Retirement Income Security
Act of 1974 (ERISA).
ESOP - In July 1989, the Company established a
leveraged Employee Stock Ownership Plan (ESOP). The
ESOP borrowed $150,000,000 with interest at 9.25% and
principal payable annually, due to the Company in 2014. The
proceeds of this borrowing were used by the ESOP to
purchase 1,754,386 shares of 7-1/4% cumulative convertible
preferred stock (Preferred Stock) of General Re Corporation.
All Preferred Stock outstanding is held by the ESOP and is
convertible into common stock on a one-for-one basis.
Preferred Stock must be converted or redeemed into common
stock or cash upon the participant's withdrawal from the Plan.
The Preferred Stock is held by the ESOP trustee as
collateral for the loan from the Company. The Company makes
contributions to the ESOP which, together with the
dividend on the Preferred Stock, are used to make loan
interest and principal repayments. As interest and principal is
repaid, a portion of the Preferred Stock is allocated to
participating employees. At a minimum, principal and interest
payments are sufficient to provide for allocation of Preferred
Stock to meet the requirements for the Company match
under the Plan.
During 1994, the Plan received a dividend on the
Preferred Stock of $10,755,245 and a Company contribution
of $3,870,009. The Plan paid $13,671,136 in interest
expense. In 1994 and 1993, 65,763 and 54,633 shares,
respectively, net of retired shares of 6,293 and 6,908,
respectively, were allocated to employees. There were
1,438,944 and 1,511,000 shares of unallocated Preferred
Stock at December 31, 1994 and 1993, respectively. The
fair value of the loan payable is estimated using discounted
cash flow analyses, based on the Corporation's current
incremental borrowing rates for similar types of arrangements
and was $160,000,000 at December 31, 1994.
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS (continued)
Contributions - Participants may contribute up to 16%
of their base salary and allocate their investment among any
of the Plan's funds. The Company match is 100% of an
employee's contribution up to 6% of the employee's basic
salary. The Internal Revenue Code limitation on employee
salary deferral (401 (k)) contributions during 1994 was
$9,240.
Participant Accounts - Each participant's account
is credited with the participant's contribution and an allocation
of the Company match, Plan earnings and forfeitures of
terminated participants' earnings or account balances, as
defined. Forfeitures, which are included in transfers from
other funds were $54,532 during 1994. The benefit to which a
participant is entitled is the benefit that can be provided from
the participant's account.
Vesting - All employee contributions become vested
immediately. By government restriction, an employee is not
allowed to withdraw Company match amounts that have not
been in his/her account for at least two years. While actively
employed, an employee becomes 50%, 75%, and 100%
vested in the value of the Company match after 2, 3 and 4
years, respectively of Company service.
Transfers - With the exception of the General Re
Common Stock Fund and Fidelity Managed Income Portfolio
which may be changed on a monthly basis, participants are
permitted to change the investment of their interests in any
of the funds on a daily basis subject to certain limits.
Loans - The Plan allows participants to borrow from
the "before tax" and "rollover" portions of their respective
accounts. Loans may not exceed the lesser of one half of the
participant's vested account balance or $50,000.
Nonresidence loans are written for periods of 6 to 54 months.
The Plan also allows loans granted for purchases of principal
residences to be repaid over a 30-year period. A fixed
interest rate of the prime rate plus one percent calculated at
the inception of the loan is charged over the life of the loan.
The interest rates ranged from 7% to 9.5% for 1994 and were
7% for 1993. Interest and principal repayments are credited
directly to the borrower's respective account and are
repaid in monthly installments by payroll deductions. Loan
balances outstanding are reflected as assets of the Plan.
Market valuations are not readily determinable for
participant loans due to the multitude of interest rates and
terms of the various loans.
2. Investment Funds of the Plan
The Plan has an agreement with Fidelity Management
Trust Company to perform record keeping and investment
management functions for the plan. Certain members of the
Company's Board of Directors are also trustees of the
Fidelity Group of Mutual Funds.
7
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS (continued)
A description of the investment funds of the Plan at
December 31, 1994 is as follows:
* General Re Corporation Common Stock Fund
The General Re Corporation Common Stock
Fund is a growth fund. The Fund seeks
substantial long-term growth of capital by investing exclusively
in General Re Corporation common stock. Participants have
full voting rights for the shares of General Re Corporation
common stock in their accounts.
* Fidelity Magellan Fund
The Fidelity Magellan Fund is an aggressive
growth fund. The Fund seeks long-term capital appreciation
by investing in the stocks of both well-known and lesser-known
companies with above-average growth potential and a
correspondingly higher level of risk.
* Fidelity Equity-Income Fund
The Fidelity Equity-Income Fund is a growth
and income fund. The Fund seeks a yield that exceeds the
composite yield of the Standard and Poor's 500 Index, and
considers the potential for capital appreciation when selecting
fund investments. The Fund invests primarily in common
stocks but can also invest in bonds and convertible securities.
Dividend amounts will vary depending on the yields of the
securities held in the portfolio.
* Fidelity Growth Company Fund
The Fidelity Growth Company Fund is a growth
fund. It seeks long-term capital appreciation by investing
primarily in common stocks and securities convertible into
common stocks. It may invest in companies of any size with
above-average growth potential or companies that appear
undervalued relative to their potential return.
* Fidelity Asset Manager Fund
The Fidelity Asset Manager Fund seeks high
total return with reduced risk over the long-term. Its assets are
allocated among and across domestic and foreign equities,
bonds and short-term instruments. The Fund's assets are
gradually shifted to take advantage of the outlook for market
conditions.
8
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS (continued)
* Fidelity Asset Manager: Growth
The Fidelity Asset Manager: Growth Fund
seeks to maximize total return over the long-term by allocating
its assets among stocks, bonds, short-term instruments and
other investments. The Fund allocates its assets among
three principal asset classes: stocks, bonds, and short-term
instruments. However, it may invest in many types of
domestic and foreign securities.
The flexible approach to diversification allows
the Fund to take advantage of a wide variety of investment
options in pursuit of high total return but with reduced risk from
allocating its investments among the asset classes.
* Fidelity Asset Manager: Income Fund
The Fidelity Asset Manager: Income Fund seeks
a high level of current income by maintaining a diversified
portfolio of stocks, bonds, short-term instruments, and other
investments. The Fund emphasizes investment in bonds and
short-term instruments for income and price stability, but
allows some investment in stocks for their potential to
grow and keep pace with inflation. The asset mix is designed
to provide a relatively conservative asset allocation across
various market conditions.
* Fidelity Small Cap Stock Fund
The Fidelity Small Cap Stock Fund seeks
long-term capital appreciation. Using proprietary computer
models and fundamental research, the Fund invests in all
types of equity securities issued by companies with small
market capitalization. These companies may include start-tips
with good potential, firms that have recently gone public, or
companies that operate in small industries or regional markets.
However, the Fund may also invest a portion of its assets in
stock issued by companies with larger market capitalizations.
The Fund's share price and total return will fluctuate.
* Fidelity Investment Grade Bond Fund
The Fidelity Investment Grade Bond Fund
(previously the Flexible Bond Portfolio) is an income fund. It
seeks a high rate of current income consistent with reasonable
risk. It invests in a broad range of fixed income securities.
The Fund also seeks to protect investors' capital as well as
take advantage of opportunities to realize capital appreciation,
where appropriate.
9
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS (continued)
* Fidelity Intermediate Bond Fund
The Fidelity Intermediate Bond Fund is an
income fund. The Fund seeks a high level of current income.
The Fund invests in high- and upper-medium grade corporate
bonds rated A or better with intermediate maturities,
mortgage securities, bank obligations, and U.S. government
and agency securities. The Fund's average portfolio maturity
ranges between three and ten years.
* Fidelity Overseas Fund
The Fidelity Overseas Fund is an aggressive
growth fund. The Fund seeks growth of capital over the long
term. The Fund invests primarily in foreign securities, including
common stock and securities convertible into common stock,
as well as debt instruments.
* Fidelity Balanced Fund
The Fidelity Balanced Fund is a growth and
income fund. It seeks the highest amount of income possible
while preserving principal by investing in investment grade or
higher bonds and high-yielding securities.
* Fidelity Retirement Money Market Trust
The Fidelity Retirement Money Market Trust is
a money market fund. The Trust seeks as high a level of
current income as is consistent with the preservation of capital
and liquidity. It invests in high-quality, U.S. dollar-denominated
money market instruments of U.S. and foreign issuers. The
Trust's objective is to be a conservative, low-risk investment.
10
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS (continued)
* Fidelity Retirement Government Money Market
Trust
The Fidelity Retirement Government Money
Market Trust is a money market fund. It seeks as high a level
of current income as is consistent with the preservation of
principal and liquidity. It invests in obligations issued or
guaranteed as to principal and interest by the U.S.
Government, its agencies or instrumentalities, and in
repurchase agreements secured by these obligations. The
Trust's objective is to be a conservative, relatively low-risk
investment.
* Fidelity Managed Income Portfolio
The Fidelity Managed Income Portfolio
(previously the GIC Open-End Portfolio) seeks preservation
of capital and a competitive level of income over time. The
Portfolio purchases high-quality, short- and long-term
investment contracts (GICs), bank investment contracts
(BICs), short-term money market instruments, and "synthetic"
GICs (debt obligations issued by one institution and insured
by another as to payment of interest and return of principal at
maturity).
* Fidelity U.S. Equity Index Portfolio
The Fidelity U.S. Equity Index Portfolio is a
growth and income fund. It seeks investment results that
correspond to the total return performance of the S&P 500
Index, which is comprised of common stocks.
11
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS (continued)
The number of employees participating in each fund
of the Plan at December 31, 1994 and 1993 are as follows:
1994 1993
General Re Corporation Preferred Stock 1,913 1,915
General Re Corporation Common Stock Fund 1,227 1,222
Fidelity Magellan Fund 1,309 1,295
Fidelity Equity-Income Fund 966 973
Fidelity Growth Company Fund 437 407
Fidelity Investment Grade Bond Fund 173 178
Fidelity Intermediate Bond Fund 710 782
Fidelity Overseas Fund 655 558
Fidelity Balanced Fund 285 291
Fidelity Asset Manager Fund 75 0
Fidelity Asset Manager: Growth Fund 98 0
Fidelity Asset Manager: Income Fund 27 0
Fidelity Small Cap Stock Fund 84 0
Fidelity Retirement Money Market Portfolio 1,092 1,165
Fidelity Retirement Government Money
Market Portfolio 91 94
Fidelity Managed Income Portfolio 586 813
Fidelity US Equity Index Portfolio 111 114
3. Summary of Significant Accounting Policies
Investments - Investments in mutual, money market
and common collective trust shares are valued based on
reported net asset values. Investments in stocks traded on a
national securities exchange are valued at the last reported
sales price on the last business day of the year. The
investment in General Re cumulative convertible preferred
stock held in the ESOP is valued at fair value by the trustee
based upon the report of an independent appraiser.
The Plan presents in the statement of changes in net
assets the net appreciation (depreciation) in the fair value
of its investments which consists of the realized gains or
losses and the unrealized appreciation (depreciation) on
those investments.
Purchases and sales of investments are recorded as
of the trade date. Interest income is recorded as earned on
the accrual basis. Dividend income is recorded on the ex-
dividend date.
12
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS (continued)
Participant loans are carried at unpaid principal. The
fair value of participant loans was not readily determinable
due to the high number of loans and their varying terms.
Accordingly, the Plan believes it would have to expend
excessive costs for the benefit derived. Interest income on
the loans is recorded as earned on an accrual basis.
Contributions - Contributions from the employees and
the employer are recorded in the period in which the payroll
deductions are made from Plan participants.
Employer contributions to the General Re Corporation
Preferred Stock Fund are made in shares of Preferred Stock.
All other employer contributions are made in cash.
Expenses - The management and service fees of the
Fidelity Group of Mutual Funds are charged to operations of
the respective funds. Certain administrative expenses,
primarily consulting and auditing fees, are paid by the
Company.
4. Investments
Investments held by the Plan at December 31, 1994
and 1993 are summarized as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
1994 1993
Fair Fair
Cost Value Cost Value
Fidelity Magellan Fund $21,352,872 $22,159,859 $19,660,314 $21,817,834
Fidelity Equity Income Fund 12,305,107 13,288,185 10,223,196 12,591,983
Fidelity Growth Company Fund 3,627,546 3,569,855 3,296,323 3,491,174
Fidelity Investment Grade Bond Fund 908,154 837,620 861,211 911,385
Fidelity Intermediate Bond Fund 9,192,676 8,817,601 9,465,249 9,922,042
Fidelity Overseas Fund 5,419,735 5,623,418 4,339,872 4,674,231
Fidelity Balanced Fund 2,446,320 2,343,483 2,542,151 2,650,790
Fidelity U.S. Equity Index Portfolio 817,819 849,770 789,419 860,286
Fidelity Asset Manager Fund 1,182,473 1,081,361 -0- -0-
Fidelity Asset Manager: Growth Fund 976,651 895,553 -0- -0-
Fidelity Asset Manager: Income Fund 301,937 289,379 -0- -0-
Fidelity Small Cap Fund 529,615 522,888 -0- -0-
Fidelity Retirement Money
Market Portfolio 10,959,952 10,959,952 10,283,162 10,283,162
Fidelity Retirement Government
Money Market Portfolio 679,237 679,237 904,184 904,184
Fidelity Managed Income Portfolio 6,842,631 6,842,631 6,158,276 6,158,276
General Re Corporation Preferred Stock148,318,304 217,880,419 148,856,355 192,381,566
General Re Corporation Common Stock 18,331,121 23,721,569 17,014,971 19,503,121
Total $244,192,150 $320,362,780 $234,394,683 $286,150,034
</TABLE>
13
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
NOTES to FINANCIAL STATEMENTS (continued)
The cost basis of nonresidence participant loans was
$2,991,671 and $2,720,116 at December 31, 1994 and 1993,
respectively, and the cost basis of participant loans for the
purchase of a principal residence was $2,589,019 and
$2,290,894 at December 31, 1994 and 1993, respectively.
Realized gains from securities transactions were
$633,385 for 1994. At December 31, 1994 and 1993, the
Fidelity Equity Income Fund, Fidelity Magellan Fund, Fidelity
Retirement Money Market Portfolio, General Re Corporation
Preferred Stock and General Re Corporation Common
Stock, each exceeded 5% of the net assets available for plan
benefits.
5. Plan Termination
The Company intends to continue the Plan indefinitely
but reserves the right to suspend contributions temporarily or
to amend or terminate the Plan. If the Plan were to be
terminated, all members would become fully vested, and all
the Plan assets would be used solely to provide the benefits
payable to employees and their beneficiaries.
6. Tax Status
The Plan obtained its latest determination letter on
November 8, 1994, in which the Internal Revenue Service
stated that the Plan, as then designed, was in compliance with
applicable requirements of the Internal Revenue Code. The
determination letter is subject to the Plan's adoption of the
proposed amendments submitted to the Internal Revenue
Service in letters dated March 21, 1995 and April 17, 1995.
However, the Plan administrator and the Plan's tax counsel
believe that the Plan is currently designed and being
operated in compliance with the applicable requirements of
the Internal Revenue Code. Therefore, no provision for income
taxes has been included in the Plan's financial statements.
14
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
SUPPLEMENTAL SCHEDULE
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
at December 31, 1994
<TABLE>
<CAPTION>
Number of Current
Shares Description Cost Value
<S> <C> <C>
Mutual Funds
331,734 Fidelity Magellan Fund $21,352,872 $22,159,859
432,840 Fidelity Equity Income Fund 12,305,107 13,288,185
130,956 Fidelity Growth Company Fund 3,627,546 3,569,855
122,280 Fidelity Investment Grade Bond Portfolio 908,154 837,620
897,009 Fidelity Intermediate Bond Fund 9,192,676 8,817,601
205,996 Fidelity Overseas Fund 5,419,735 5,623,418
190,682 Fidelity Balanced Fund 2,446,320 2,343,483
50,252 Fidelity U.S. Equity Index Portfolio 817,819 849,770
78,190 Fidelity Asset Manager Fund 1,182,473 1,081,361
69,747 Fidelity Asset Manager: Growth Fund 976,651 895,553
27,771 Fidelity Asset Manager: Income Fund 301,937 289,379
50,037 Fidelity Small Cap Stock Fund 529,615 522,888
Money Market Funds
10,959,952 Fidelity Retirement Money 10,959,952 10,959,952
Market Portfolio
679,237 Fidelity Retirement Government 679,237 679,237
Money Market Portfolio
Common/Collective Trusts
6,842,631 Fidelity Managed Income Portfolio 6,842,631 6,842,631
Preferred Stocks
1,734,717 General Re Corporation 148,318,304 217,880,419
Common Stocks
192,077 General Re Corporation 18,331,121 23,721,569
Participant Loans
Residence, at cost - 2,589,019
Nonresidence, at cost - 2,991,671
Total $244,192,150$325,943,470
</TABLE>
The accompanying notes are an integral part of the
supplemental schedule.
15
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN of
GENERAL RE CORPORATION and ITS DOMESTIC SUBSIDIARIES
SUPPLEMENTAL SCHEDULE
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1994
The following schedule itemizes those securities for which the
aggregate amount of purchase and sale transactions, or for
which a single transaction, was in excess of 5% of the current
fair value of the Plan's net assets at January 1, 1994.
Aggregate Reportable Transactions
Cost of Net Gain
Description of Asset Purchases Sales Assets (1) or (Loss) (1)
Fidelity Magellan Fund $4,755,866 $3,133,685
Fidelity Retirement Money
Market Portfolio 4,451,514 3,774,724
General Re Corporation:
Preferred Stock 7,929,276 761,835
Single Reportable Transactions
None
(1) The record keeper has informed the Plan's management
that it is not possible for the record keeper to provide this
information.
The accompanying notes are an integral part of the
supplemental schedule.
16
