Glacier Re Taps Chief Risk Officer to Replace Founding CFO

Copyright 2010 A.M. Best Company, Inc.All Rights Reserved BestWire

September 13, 2010 Monday 03:50 PM EST

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Glacier Re Taps Chief Risk Officer to Replace Founding CFO

Meg Green

PFAFFIKON, Switzerland

Glacier Reinsurance, which recently announced plans to go into run-off, said Chief Risk Officer Andreas Zdrenyk has been appointed chief financial officer and chief operating officer.

He succeeds founding CFO and COO Glenn Campbell, who has resigned from his position and will leave the company "once an orderly transition has been completed," the company said in a statement.

Zdrenyk joined the company as head of group risk management in 2008. Before joining Glacier, he was COO of Scor Holdings AG and the Scor global property/casualty division. He has also held senior roles at Converium, Zurich Re and Winterthur.

Campbell played a crucial rule at Glacier Re, and was instrumental in the creation of the Nelson Re catastrophe bond program, Todd Hart, chief executive officer of Glacier Re, said in a statement. "We are extremely sorry to see [Campbell] go but understand his decision in light of Glacier's recent announcement that it has placed its portfolio into run-off," Hart said.

Attempts to reach the company for additional comment were not immediately successful.

Last month, Glacier said it would stop its underwriting operations and place its existing portfolio into a self-managed, orderly run-off (BestWire, Aug. 27, 2010).

News that Glacier Re will wind down operations follows the recent sale of its wholly owned subsidiary Glacier Insurance AG to Torus Insurance Holdings Ltd. (BestWire, July 1, 2010).

Glacier Re was established in December 2004 in Switzerland with $300 million of equity capital.

Glacier Reinsurance's Best's Financial Strength Rating of B++ (Good) is currently under review.

(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)

September 14, 2010

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