December 21, 2004 by Canadian Underwriter
A.M. Best has issued an “A-” (excellent) financial strength rating to new reinsurer Glacier Re. The new Swiss company was formed by a consortium of investors, including funds advised by HBK Investments and Soros Fund Management, with reinsurance broker Benfield Group holding a minority stake. Best says the reinsurer’s capitalization is strong even if it is entering a weakening marketplace. The reinsurer is expected to commence business on January 1, and Best predicts a loss ratio between 70-80% in its first year of business.
B.C.-based Barton Insurance Brokers Ltd. has seen its named changed to Hub International Barton Ltd., as part of Hub’s move to bring all of its brokerages under the same brand. Barton was founded in 1948, but joined Hub in late 1998.
Fairfax announces the completion of its cash tender offer for outstanding debt securities and its sale of US$200 million in 7.75% senior notes due 2012. The company notes almost US$115 million principal amount in debt was tendered, consisting of notes due in 2005, 2006 and 2008 and 2027.