Glacierre Press Release

PRESS RELEASE
2006-06-23

Glacier Reinsurance AG

Glacier Re notes yesterday’s announcement by A.M.Best that it has placed the company’s financial strength rating of A-(excellent) under review with negative implications. Glacier plans to work with A.M. Best with a view to achieving a satisfactory outcome to the review process with the removal of the rating qualification.

Robbie Klaus, Chief Executive Officer and Chief Underwriting Officer at Glacier Re, commenting on the rating review and current trading said:

“We are confident that the outcome of our A.M. Best rating review will be satisfactory. Glacier Re is a stronger business than when it commenced operations in 2004 . While Glacier Re suffered a trading loss in 2005 the company ended the year with a solid capital base following the issuance of $100 million of equity and $100 million hybrid capital bringing our total underwriting capital base to $406.5 million. In 2006 we continue to diversify our business and are experiencing excellent trading conditions consisting of premium income growth, significant price increases and a benign claims environment factors which all add to our strong overall financial position.”

Further information

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