Glacier Re to raise $100m in equity
Glacier Reinsurance has announced that existing shareholders have subscribed for additional equity of US$ 100 million, through its holding company Glacier Re Holdings. The equity issue will increase the underwriting capital of the company in order to respond to favourable market conditions following Hurricanes Katrina and Rita, a statement said this morning.
Glacier Re said that the losses arising from Hurricanes Katrina and Rita will result in a net loss after tax of US$ 38 - 58 million. This estimate is subject to a number of variables which areOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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