Glacier Re enters run-off
Swiss-based reinsurer Glacier Re's portfolio of business has been placed into run-off with immediate effect, having failed to find a buyer despite being on sale for some time.
As previously predicted by our sister title Inside FAC, the Swiss company did manage to sell its direct and facultative arm, Glacier Insurance, to expansive Bermudian (re)insurer Torus in May for an undisclosed sum.
However, it has been unsuccessful in striking a similar deal for its treaty business and legacy liabilities, which...
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