Glacier Re has noted yesterday's announcement by AM Best that it has placed the company's financial strength rating of A-(excellent) under review with negative implications.
Glacier said it plans to work with AM Best with a view to achieving a satisfactory outcome to the review process and the removal of the rating qualification.
Robbie Klaus, chief executive officer and chief underwriting officer at Glacier Re, said: “We are confident that the outcome of our AM Best rating review will be satisfactory. Glacier Re is a stronger business than when it commenced operations in 2004.
"While Glacier Re suffered a trading loss in 2005 the company ended the year with a solid capital base [of] $406.5m.
"In 2006 we continue to diversify our business and are experiencing excellent trading conditions consisting of premium income growth, significant price increases and a benign claims environment, factors which all add to our strong overall financial position.”
