NU Online News Service, July 1, 2:15 p.m. EDT
Bermuda-based Torus Group said it has completed its acquisition of Glacier Insurance AG from the Glacier Group.
Financial terms of the transaction were not released.
Torus said the acquisition, announced on May 4, will provide customers and brokers with enhanced products and capacity. It also accelerates the Torus' growth strategy, noting that Glacier has branch offices in Zurich, Cologne and London.
The Glacier offices will be renamed Torus Insurance (Europe) AG.
Torus said it recently established offices in Amsterdam and Paris.
In response to the sale, A.M. Best affirmed the financial strength rating of "A-minus (Excellent)" for Glacier Reinsurance AG and removed it from under review with negative implications.
The Oldwick, N.J.-based insurance rating service noted that the sale marks a shift in the company's strategy as it continues to develop its small to mid-size reinsurance business in Europe while reducing its emphasis on United States and Japanese catastrophe business.
The company is expected to report a technical loss in 2010 from the earthquake in Chili, Best said, but its overall earnings are expected to be positive.
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