NU Online News Service, July 1, 2:15 p.m.EDT

Bermuda-based Torus Group said it has completed its acquisitionof 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 enhancedproducts and capacity. It also accelerates the Torus' growthstrategy, noting that Glacier has branch offices in Zurich, Cologneand London.

The Glacier offices will be renamed Torus Insurance (Europe)AG.

Torus said it recently established offices in Amsterdam andParis.

In response to the sale, A.M. Best affirmed the financialstrength rating of "A-minus (Excellent)" for Glacier Reinsurance AGand removed it from under review with negative implications.

The Oldwick, N.J.-based insurance rating service noted that thesale marks a shift in the company's strategy as it continues todevelop its small to mid-size reinsurance business in Europe whilereducing its emphasis on United States and Japanese catastrophebusiness.

The company is expected to report a technical loss in 2010 fromthe earthquake in Chili, Best said, but its overall earnings areexpected to be positive.