Glacier Group Press Release

PRESS RELEASE
2009-02-20
Glacier Group

Glacier Group

- Glacier Group makes senior appointment and restructures growing
Glacier Insurance operation -

Pfäffikon, Switzerland: Glacier Group ("Glacier"), the European insurer and reinsurer operating as Glacier Reinsurance AG (“Glacier Re”) and Glacier Insurance AG (“Glacier Insurance”), today announces the appointment of Dirk Turley as Chief Strategic Officer, which is a Group-wide role reporting to Group CEO Robbie Klaus.

Glacier also announces that Glacier Insurance will be restructured as a result of its growth and to take advantage of favourable underwriting conditions throughout its network of global offices.

Dirk Turley, who is currently Underwriting Officer at Glacier Re, will take responsibility for strategic positioning and business development for the Group, with a particular focus on the identification and implementation of new products and new lines of business for Glacier Insurance and Glacier Re. In addition, he will also be responsible for the Group’s overall underwriting management. A centrally managed underwriting office, under his supervision, will support and control underwriters throughout the Group’s network of offices. Dirk has over 20 years of industry experience both at GE Frankona and as a founding member of the Glacier team.

Separately, Glacier Insurance, the Glacier’s Group’s fast-growing insurance carrier, has announced a restructure of its business to enhance customer focus.

Responsibility for Glacier Insurance’s worldwide Property & Casualty business will be split regionally:

Tim Hofmeister, Managing Director Germany based in Cologne, will be responsible for German and Austrian operations, as well as the Benelux countries, Scandinavia and Eastern Europe.
Steven Price, Managing Director U.K., based in London, will lead UK & Ireland operations.
Jason Mortimer, based in Pfäffikon, will lead US, Asia, Switzerland, Southern Europe and rest of the world operations.
Franco Masciovecchio will lead and develop a new Energy Centre of Excellence, created to take advantage of changed conditions in the energy marketplace in the aftermath of Hurricanes Ike and Gustav.

All will report to Richard Etridge, Glacier Insurance CEO.

Robbie Klaus, CEO of the Glacier Group, commented:

"As one of the founding members of the Glacier management team, Dirk has been instrumental in building the Glacier Re franchise and masterminding its extremely successful underwriting operations. With nearly 100 staff in five offices worldwide, our Group has grown significantly since our formation. This new role will ensure that our underwriting and strategic positioning are constantly under review, improving our offering to our global customer base."

"The restructure within Glacier Insurance is a factor of its success since its demerger from Glacier Re in 2007. Rapid growth in this business has provided opportunities for career development within the team and allows us to deploy our resources to best serve our customers."

Further information

Media

Haggie Financial
David Haggie / Juliet Tilley
Tel: +44 20 7417 8989

Notes to Editors:

About the Glacier Group
Glacier is an international insurance and reinsurance group, founded in December 2004 and headquartered in Pfäffikon, Canton Schwyz, Switzerland. The Glacier Group had underwriting capital of USD 599 million as of 30 June 2008 and is rated A- (Excellent) by A.M. Best.

Glacier Insurance
Glacier Insurance was incorporated in Liechtenstein in November 2006 and is licenced by the Financial Market Authority in Liechtenstein. It operates from Liechtenstein, Germany and the UK. It is a wholly-owned subsidiary of Glacier Reinsurance AG.

Glacier Reinsurance AG (Glacier Re)
Glacier Re was established in December 2004 and is regulated by the Federal Office of Private Insurance in Switzerland. It operates from Switzerland.

www.glaciergroup.com