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PFAFFIKON, SwitzerlandGlacier Reinsurance A.G.'s financial-strength rating of A- was affirmed by A.M. Best Co. Inc. partly on the strength of the reinsurer's enterprise risk management program and a healthy level of risk-adjusted capital.
Best said the Pfaffikon, Switzerland-based reinsurer's increasingly diversified portfolio and strong earnings were other reasons the rating was affirmed.The Oldwick, New Jersey-based rating services firm said in a statement that Glacier Re's enterprise risk management system should help reduce the volatility of its earnings. And, Glacier Re's strong level of risk-adjusted capitalisation is "further improving through the retention of earnings," Best noted.
The rating applies to the reinsurer's subsidiary, Glacier Insurance A.G. in Liechtenstein, because of the support it receives from its parent in the form of a 95% quota share arrangement.
Glacier Re's shift to underwrite fewer catastrophe-prone lines is creating a more diversified portfolio, Best said. Premiums should grow by 17% to $299 million, Best noted, but Glacier Re's earnings are expected to dip because of softening reinsurance rates and higher-than-expected natural catastrophe losses so far in 2007.