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VADUZ, LiechtensteinRating agency A.M. Best Co. Inc. has assigned a financial strength rating of A- to Glacier Insurance A.G.
The outlook is negative, in line with that of the parent company, Glacier Reinsurance A.G., Best said in a statement.
Last month, Pfaffikon, Switzerland-based Glacier Re launched its primary insurance company, Glacier Insurance, to write marine and energy, property, liability, aviation, space and war and terrorism business throughout Europe.
Best said that it expects Vaduz, Liechtenstein-based Glacier Insurance to write gross premiums written of approximately $8 million in 2006, rising to approximately $18 million in 2007.
"The ratings reflect the full rating enhancement from the explicit support in the form of a 95% quota share reinsurance and a guarantee provided by Glacier Re," Best said in a statement.