Glacier Reinsurance, the Swiss reinsurance company, has issued $34m and €14m of subordinated notes, which will constitute part of its permanent underwriting capital base.
The issue will be used for solvency capital by the company under the new Swiss and European capitalisation guidelines.
Both the US dollar and Euro denominated issues are floating rate unsecured subordinated notes due in 2035.
Robbie Klaus, Glacier Re chief executive, said: “The addition of these funds to our already strong balance sheet provides our clients with further financial security and gives us the flexibility to take advantage of profitable underwriting opportunities during 2006 and beyond.”
In addition to the above issuance, Glacier Re issued the equivalent of $50m of subordinated notes in May 2005 and further increased underwriting capacity in October 2005 with a $100m common stock issue to existing shareholders.
AM Best has rated Glacier Re A- (excellent).
Benfield Advisory arranged the placement of the notes on behalf of the company.
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