Glacierre Press Release

PRESS RELEASE
2007-05-04
Glacier Reinsurance AG

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

Outlook improved to ‘stable’

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-“ for the Company and its wholly-owned subsidiary, Glacier Insurance. All ratings have been assigned a stable outlook.

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

“We welcome A.M. Best’s affirmation of our A- (Excellent) rating and its decision to assign Glacier Re and Glacier Insurance a stable outlook. This development reflects Glacier Re’s strong risk-adjusted capitalisation, enterprise risk management capabilities, increasingly diversified portfolio and sound growth plans.

“Our disciplined underwriting approach, talented team, and exceptional catastrophe modelling capabilities have all contributed to the successful development of Glacier Re since its foundation. This further enhances our secure platform to deliver profitable growth and innovative risk solutions to our customers.”

In reaching its decision, A.M. Best noted Glacier Re’s strong trading result for 2006. The Company recently announced a post-tax income of US$55 million for the period on a gross written premium of US$292.6 million. This represents an increase of 43.5% on the previous year. The Company had a net combined ratio of 77.6%.

Further information

Media

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