Daily Insurance Industry News
Daily Insurance Industry News
Wednesday 22nd of May 2019
March 9, 2010

Glacier Group announces rising profits in 2009

by Richard Kilner

Story link: Glacier Group announces rising profits in 2009

European insurer and reinsurer Glacier Group has released its financial performance figures for 2009.

Net income for the year was more than double that of 2008, rising by $34m to $60m, with return on equity rising from 5% to 12%.

Total gross written premiums declined by $100m to $469m, a fall that occurred due to Glacier’s decision to reduce volumes and focus upon the core insurance and reinsurance business lines.

Net underwriting income improved greatly on the $2m made last year, rising to $92m in 2009.

Underwriting capital rose by 13% during the year, and stood at $631m at the end of 2009.

Chief Executive Officer Todd Hart has described the firm’s performance as solid, adding that the reduced gross written premiums were due to the firm’s strategic decision to decrease its risk profile.

Hart has not been long in the job, having previously been a non-executive director with the firm.

He was appointed in November 2009, succeeding Robbie Klaus who remained with the firm as a consultant.


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