Glacier Re has announced the creation of Glacier Insurance, a direct insurance company and a wholly-owned subsidiary of Glacier Re.
Based in Liechtenstein, the new company will write marine & energy, property & casualty, aviation, space and war & terrorism insurance in Europe. A $20m gross written premium target has been set for its first year of business.
Commenting on the opportunities created by the new operation, Robbie Klaus, chief executive of Glacier Re and Glacier Insurance, said: “It enables us to extend our product offering to direct insurance customers in Europe and to build upon our successful business franchise. Furthermore it provides us with a platform to diversify our portfolio, further reducing overall group volatility.”
