Glacier Re to discontinue underwriting
European reinsurer Glacier Reinsurance has announced that it will no longer accept or write new business, and that, with immediate effect, its existing portfolio will be placed in an orderly run-off.
The run-off process will be self managed by Glacier Re.
The decision was made by the Board, in the light of the recent sale of Glacier Re’s wholly-owned subsidiary Glacier Insurance to Torus Insurance.
In making this move, the Board is seeking to do what is best for shareholders, given present underwriting conditions.
The firm has developed a multi-year, self-managed run-off plan designed to offer its clients a responsible service, and Glacier Re will collaborate closely with the Swiss regulator, FIMNA, during the process.
Chief Executive Officer Todd Hart has described the decision as one that will achieve investors’ objectives within a reasonable time frame.
Hart added that the firm would benefit from its strong capital and liquidity positions, and warmly thanked Glacier’s clients, brokers and business partners, and most especially its staff, for their support since the firm was established six years ago.
Category: Insurance News
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