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PFAFFIKON, Switzerland-Glacier Reinsurance A.G., a reinsurance company with 347.5 million Swiss francs ($299.3 million) in capital, has been launched to underwrite global specialty reinsurance business.
Pfäffikon, Switzerland-based Glacier Re will focus on five main lines of business: aerospace, catastrophe reinsurance, European property/casualty, marine and energy, and war and terrorism, according to Robbie Klaus, chief executive officer and chief underwriting officer of the company.
Mr. Klaus said the company plans to write between $400 million and $500 million in gross written premiums by the end of 2007.
He said that the company is being launched now to take advantage of favorable reinsurance rates in its chosen lines of business, and-subject to regulatory approval from the Swiss federal Office of Private Insurance-will start underwriting on Jan. 1, 2005. Mr. Klaus was previously head...