Torus raises $185m to support expansion
Torus has secured a $185 million injection of cash that will be used to support continued expansion.
Subject to regulatory approval, the move will increase the speciality insurer’s equity capital to over $1 billion.
US-based Corsair Capital is providing $150 million of the cash, which will be topped up from private equity funds managed by Torus’ majority shareholder, First Reserve Corporation.
Commenting on the deal, Torus’ chief executive, Clive Tobin, says: “We are extremely pleased to receive this endorsement of Torus from Corsair, an experienced investor in the financial services industry with a long and successful track record of supporting high growth insurance companies, at a time when capital is scarce.”
Corsair chairman, Nicholas Paumgarten, adds: “This investment is consistent with our historical practice of partnering with highly experienced management teams.”
Under the terms of the agreement, Corsair will appoint representatives to Torus’ board.
In other news, Torus has appointed Alex Maza to oversee its US Management Liability platform, effective immediately.
Mr Maza will focus on building the group’s offering for publicly traded and private entities in the US, initially providing Directors & Officers, Employment Practices, Fiduciary and Fidelity Liability products.
Plans are in place to offer Professional Indemnity as well as private equity and financial institution coverage on a selective basis.
Category: Business Insurance News, Companies News, Employment News, Financials, Insurance News
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