Glacier Reinsurance has said that AM Best has affirmed its financial strength rating of A- (Excellent) and its issuer credit rating of “a-“.
The European reinsurer said all ratings have been removed from under review with negative implications and assigned a negative outlook.
Glacier Re also said that its capital base will be strengthened through an investment of $30m from its existing shareholders.
Following the investment the proforma net underwriting capital at 30 June 2006 would be $465m.
Robbie Klaus, chief executive and chief underwriting officer at Glacier Re, said: “We welcome AM Best's affirmation of our A- rating, which reflects our strong balance sheet, reduced catastrophe exposures in 2006 and opportunities for future growth.
"We are experiencing excellent trading conditions and we are confident that Glacier Re's outlook will be revised to ‘stable' as we continue to take advantage of significant underwriting opportunities.”
