Glacier Re launched
Glacier Reinsurance, a Swiss start up reinsurance company, has been launched, having successfully raised CHF 347.5m ($300m) in equity capital. Subject to receiving its reinsurance license from the Swiss Federal Office of Private Insurance, Glacier Re will commence underwriting from 1 January , 2005. It is anticipated that on receipt of its reinsurance license, Glacier Re will be assigned a financial strength rating that will enable it to compete in the global reinsurance markets.
The company said that it has been formed in response to prevailing favourable market conditions within the specialty lines market.The company has been capitalised, via its Luxembourg-domiciled
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