Glacierre Press Release

PRESS RELEASE
2004-12-22

Rated A- (Excellent) by A. M. Best and licensed by Federal Department of Finance

Glacier Reinsurance AG (“Glacier Re” or the “Company”), the Swiss reinsurance company, is pleased to announce that it has today received its licence to write reinsurance business from the Swiss Federal Department of Finance.

Glacier Re has also received confirmation from A. M. Best that it has been assigned a financial strength rating of A- (Excellent) with a stable outlook. A. M. Best stated in a release issued today that they believe that Glacier Re’s prospective risk adjusted capitalisation at the end of 2005 is likely to be excellent and that the rating also reflects the Company’s prospective operating performance.

Robbie Klaus, Chief Executive Officer and Chief Underwriting Officer of Glacier Re said: “We are delighted to receive the A- (Excellent) rating from A. M. Best and the licence from the Swiss authorities. We have already seen significant interest from brokers and are now in a position to confirm our acceptances for business incepting on 1st January 2005”.

Glacier Re was recently established in the canton of Schwyz in Switzerland to create a strong platform to deliver innovative reinsurance solutions to global customers.

Further information

The Company

Glacier Reinsurance AG
Robbie Klaus / Glenn Campbell
Tel: +41 55 417 3401 / 3402

Media

Haggie Financial
David Haggie / Peter Rigby
Tel: +44 20 7417 8989