NEW YORK (CNN/Money) - General Electric Co. is looking at a spinoff of its property and casualty insurance business, according to a published report Friday.

The Wall Street Journal reported that the conglomerate is considering an initial public offering of a 20 percent stake in its GE's Employers Reinsurance Corp., which insures big commercial buildings as well as taking on risks of policies issued by other insurers.

The paper, which quoted unnamed people familiar with the matter, said the offering is expected to value the unit at $8 billion to $10 billion. A spokesman for the insurance unit told CNNfn, "We don't comment on rumors or speculation."

The Journal said the move would be the latest reaction to recent losses and volatility in GE's property and casualty insurance operations, especially in light of the Sept. 11 terrorist attacks. In December, Citigroup announced plans to spin off its Travelers Property Casualty unit through an IPO that could raise as much as $4 billion for the company.

GE does not break out results of the Employers Reinsurance unit separately, but the company did announce a $400 million loss due to insurance costs related to the Sept. 11 attack.

Shares of GE (GE: Research, Estimates), a component of the Dow Jones industrial average, rose 41 cents to $40.41 Thursday.