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(From Reinsurance)
Glacier Reinsurance, a Swiss start-up reinsurance company, has been launched, having successfully raised CHF347.5m ($300m) in equity capital. Subject to receiving its reinsurance licence from the Swiss Federal Office of Private Insurance, The company commenced underwriting from 1 January 2005.
It is anticipated that upon receipt of its reinsurance licence, Glacier Re is likely to be assigned a financial strength rating that will enable it to compete in the global reinsurance markets.
The company said that its creation was in response to prevailing favourable market conditions within the specialty lines market. Via its Luxembourg-domiciled holding company, Glacier Re Holdings, Glacier Re has been capitalised by a consortium of investors, including funds advised by HBK Investments and Soros Fund Management, Benfield Investment Holdings (BIHL) and certain members of Glacier Re's senior management team. All institutional investor groups, with the exception of BIHL, will ...