Glacierre Press Release

PRESS RELEASE
2006-08-15

A- (Excellent) rating affirmed by A.M. Best

Increases underwriting capital to $465 million

Glacier Reinsurance AG (‘Glacier Re’ or ‘The Company’), the European reinsurer, today announces that A.M. Best has affirmed its financial strength rating of A- (Excellent) and its issuer credit rating of “a-“. All ratings have been removed from under review with negative implications and assigned a negative outlook.

Glacier Re also announces that its capital base will be strengthened through an investment of $30 million from its existing shareholders. Following the investment the proforma net underwriting capital at 30 June 2006 would be $465 million.

Robbie Klaus, Chief Executive Officer and Chief Underwriting Officer at Glacier Re, said:

“We welcome A.M. Best’s affirmation of our A- rating, which reflects our strong balance sheet, reduced catastrophe exposures in 2006 and opportunities for future growth. We are experiencing excellent trading conditions and we are confident that Glacier Re’s outlook will be revised to ‘stable’ as we continue to take advantage of significant underwriting opportunities.”

Further information

Media

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