Torus enters London financial lines market
Commercial insurer, Torus UK, has entered the London financial lines market with the formation of underwriting agency, Torus Executive Risks Limited (TER).
TER will underwrite on behalf of Torus Insurance (UK) providing policy limits up to £10 million per risk in the following product lines: Directors and Officers Liability; Bankers Blanket Bond; Professional Indemnity; Pension Trustee Liability; Employment Practices Liability; and Public Offering of Securities Insurance.
The new unit, which is a joint venture with Nexus Underwriting, is led by Nexus’ chief executive officer, Colin Thompson, who is an experienced London market financial lines underwriter.
Mr Thompson has been joined on the board of TER by Dermot O’Donohoe, chief operating officer of Torus Europe.
Commenting on the new venture, Mr O’Donohoe, says: “This is an exciting development for Torus which provides us with an innovative springboard into the financial lines arena with partners with a proven track record in this sector.”
In February, Torus secured a $185 million injection of cash to support ongoing expansion.
US-based Corsair Capital provided $150 million of the cash, with the balance forthcoming from private equity funds managed by Torus’ majority shareholder, First Reserve Corporation.
Category: Business Insurance News, Companies News, Insurance News
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