NU Online News Service, Aug. 19, 1:56 p.m. EDT
Torus says it has reached an agreement with Montpelier Reinsurance Ltd., to sell the renewal rights of its property catastrophe reinsurance book of business with immediate effect.
Under the agreement Torus will also provide sidecar capacity to Montpelier, the Bermuda reinsurance subsidiary of Montpelier Re Holdings Ltd., effective Jan. 1, 2012.
Clive Tobin, chief executive of Torus says, “Torus' strategy remains to build a global specialty insurer with niche exposure to reinsurance. With the continued expansion opportunities we see in our insurance operations, along with our modest ambitions for niche reinsurance, we have determined it is more effective for our catastrophe reinsurance business to be integrated into the larger Montpelier portfolio, and for us to continue our catastrophe reinsurance participation through a sidecar arrangement.”
Tobin adds that Torus “will continue to write casualty and specialty reinsurance through our Bermuda team under the experienced leadership of David Whiting.”
“The acquisition of these renewal rights and accompanying sidecar capacity further enhances our position in one of our core markets at a time when conditions are visibly improving,” says Christopher Harris, president and CEO of Montpelier, a leading provider of short-tail reinsurance and other specialty lines comments.
Torus provides property, casualty and specialty insurance, as well as reinsurance to a global client base through its European, U.S. and Bermudian based subsidiaries. Launched in 2008, the company now has more than 500 employees in 13 offices worldwide. Torus carries a group rating of
A (excellent) from A.M. Best and has capital of about $1 billion.
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