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Daily Insurance Industry News
Wednesday 22nd of May 2019
March 20, 2009

Glacier Group announces 2008 results

by Richard Kilner

Story link: Glacier Group announces 2008 results

European insurer and reinsurer Glacier Group has announced its consolidated US GAAP financial results for 2008.

Total gross written premiums surged upwards by more than a fifth to hit $569.3m compared to $465.7m in 2007.

Net income, however, slumped by over $40m to just $26.2m, and net return on equity fell by 13% to 5.6%.

Net asset value rose to $496m, and investments and cash moved up to $784.1m.

Glacier Insurance saw gross written premiums up by 298%, and it opened offices in both Cologne and London during the course of 2008.

Late last year Richard Etride was named as Glacier Insurance’s CEO, succeeding Robbie Klaus in the role.

Glacier Group’s CEO and chief underwriting officer Robbie Klaus has described the year as both challenging and turbulent.

However, Klaus also stated that the firm’s performance was solid and that it was well-placed for the future.

In February Dirk Turley took up the post of chief strategic officer, and now reports directly to Klaus.

At the same time as Turley’s appointment Glacier Group announced that Glacier Insurance would be restructured due to its growth to enable it to take full advantage of the opportunities it would be afforded in the future.

 

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