Glacier Reinsurance has decided to cease its underwriting business and place its existing portfolio in to an orderly run-off with immediate effect.

Glacier Re will self-manage the run-off process and the decision was taken following the sale of its wholly-owned subsidiary Glacier Insurance to Torus Insurance in May 2010.

The company has devised a multi-year, self-managed run-off plan and is engaged with Swiss regulator to see the process through.

Glacier Re CEO Todd Hart said that after several months of effort and strategic review, Glacier’s board has decided to cease underwriting and to seek the orderly wind down of its operations.

“Glacier Re’s current excess capital and high liquidity will allow the company to meet its valid obligations while simultaneously returning the excess capital to shareholders over the course of this process,” Hart said.