Glacierre Press Release

PRESS RELEASE
2005-05-16

Increases underwriting capital to US$350 million

Glacier Reinsurance AG (“Glacier Re” or “the Company”), the Swiss reinsurance company, announces that it has issued US$34 million and €12 million of subordinated notes.

Both the US Dollar and Euro issues are floating rate unsecured subordinated notes due in 2035 and include options to defer interest for up to five years.

The notes are designed to constitute part of Glacier Re’s permanent underwriting capital base and qualify as solvency capital under the new European capitalisation guidelines.

Robbie Klaus, Chief Executive Officer and Chief Underwriting Officer of Glacier Re said: "We are pleased to further increase our initial capital base to US$350million. This provides our clients with additional financial security and grants us the flexibility to take advantage of profitable underwriting opportunities as they arise".

Benfield Advisory arranged the placement of the notes on behalf of the Company.

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