A reinsurance company set up to compete on the global speciality lines market will be launched in London today.
The Swiss start-up company, Glacier Re, said it had successfully raised $300m in equity capital.
It has been capitalised, via its Luxembourg-domiciled holding company, Glacier Re Holdings, by a consortium of investors including funds advised by HBK Investments, Soros Fund Management, Benfield Investment Holdings, and members of Glacier Re's senior management team.
The company said subject to receiving its reinsurance license from the Swiss Federal Office of Private Insurance, it would commence underwriting from 1 January 2005.
Robbie Klaus, previously head of GE Frankona Re's global specialty reinsurance unit, has been appointed as the company's chief executive and chief underwriting officer.
Glacier Re said it would focus on constructing a balanced and diversified portfolio across five key lines of business including aerospace, catastrophe reinsurance, European property and casualty, marine and energy, and war and terrorism.
The company said it would pursue a conservative investment strategy by investing primarily in liquid high quality fixed income securities of short duration.
