Glacier reveal rise in half-year profits
Insurer and reinsurer Glacier Group has published its interim financial results, covering the first six months of 2009.
Gross written premiums declined from $372m in the first half of 2008 to $314.1m, a fall attributed to plans for reduction in North American property exposed business as well as the non-renewal of participation in Glacier’s Lloyd’s vehicle.
Pre-tax profits rose by $1m to $26m for the half-year, and the investment portfolio also recorded a rise, up $2m to $16.1m.
In 2008 the firm recorded a full-year profit of just over $26m, a sharp decline from the $40m profit of 2007.
In addition Glacier saw its capital base improved from $577.7m to $591.9m.
Chief executive Robbie Klaus has welcomed what he has described as a solid result, and singled out the strong underwriting performance for particular praise.
Klaus is optimistic about the future, and has expressed his confidence in the firm’s prospects in 2010, especially in the Specialty markets.
Category: Financials, Insurance News
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