Benfield Investment Holdings (BIH) has made a $30m investment for shares in Glacier Re Holdings, which will become the company's reinsurer subject to regulatory approval.

Debevoise & Plimpton's London office said today that it advised BIH on the deal. The company said as a result of the agreement BIH would receive warrants in respect of shares in Glacier Re Holdings sàrl.

Subject to regulatory approval Glacier Re will commence underwriting on business attaching 1 January 2005.

Debevoise & Plimpton's said it is anticipated that Glacier Re will be assigned a financial strength rating upon receipt of the reinsurance license.

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