Torus merges with Sideris Re

by Gill Montia

Story link: Torus merges with Sideris Re

Speciality insurer, Torus, has announced that its parent company, First Reserve Corporation, has agreed to amalgamate the business with its other major insurance investment vehicle, Sideris Re Holdings.

The latter owns a Bermudian class 3 reinsurer and provides the capital supporting Lloyd’s syndicate 2243, which writes a worldwide portfolio of upstream and offshore energy risks as well as non-US and Canadian onshore business.

Torus was established in 2008 with $720 million of capital backing from First Reserve Corporation; it will absorb Sideris Re in a move that will increase its capital by around $79 million.

First Reserve managing director, Mark McComiskey, says the amalgamation is a “logical step” for all parties.

Torus’ chief executive, Clive Tobin, adds: “Sideris’ business complements our own existing energy portfolio, increasing our underwriting flexibility and underlining a growing commitment to serving clients in this sector.”

The merger has received relevant regulatory approval for the change of ownership.

Last month, Torus made a number of appointments to its onshore energy team based at its London office.