SOROS HOT ON GLACIER.

BILLIONAIRE investor George Soros reckons analysts and investors have called the peak of the insurance
market too early.
207 words
15 December 2004
Daily Mail
DAIM
English
(c) 2004 Associated Newspapers. All rights reserved
He is pouring some of his £7bn fortune into new Swiss reinsurer Glacier Re to take a significant - though
undisclosed - stake.

The financier, who made a killing from the pound's 1992 exit from the European Exchange Rate Mechanism,
is in good company.

It is a sector which has already caught the eye of Warren Buffett - known as the Sage of Omaha - who has
taken stakes in various companies which provide speciality insurance.

While many firms are seeing the prices they charge for car and household insurance level off and in some
instances fall, the premiums for catastrophe, terrorism and war reinsurance continue to rise. The same goes
for niche areas such as marine and energy cover.

Glacier will start off modestly with £160m of equity capital when it opens its doors to new business next
month.

As well as Soros, UK insurer Benfield and the Texas-based hedge fund HBK Investments are also bankrolling
the fledgling group.

The Glacier investment sees Soros laying off some of the cash he made exiting the property and credit
markets two months ago to concentrate on hedge funds.

Document DAIM000020041214e0cf0000d

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