Torus Specialty Insurance Company now has authority to write surplus lines in 42 states across America. This follows the recent confirmation of its license to write property and casualty business in the State of Delaware and the affirmation of Torus Specialty’s A- (excellent) financial strength rating by AM Best.
Torus Specialty is headquartered in New Jersey and will initially focus on general property, onshore energy and construction. However, before the end of the year, Torus anticipates further offices to open in Atlanta, Chicago, Houston and the West Coast and expects to offer further lines of business in the coming months.
Led by Bob Klepper, Torus Specialty consists of a team of eight working in general property. Reporting to Mr. Klepper is Steve Fomchenko, Torus’ Global Head of General Property, who joined in December 2008.
Mr. Fomchenko commented; “I am very excited to build a property team at Torus that effectively utilizes Torus’ analytical resources to assist clients and their brokers to manage their cost of risk. Today’s market seeks diversification on programs and our underwriting approach allows flexibility, providing the platform for us to develop a range of products and services that clearly demonstrate the benefits of Torus’ innovative approach.”
Mr. Klepper added; “Torus has quickly expanded from its initial focus on energy risks. The ongoing recruitment of experienced and respected underwriters such as Steve, demonstrates that we are indeed diversifying successfully on both sides of the Atlantic. Torus aims to bring the benefits of its investment in analytical underwriting systems to develop long term relationships with clients based on a deeper understanding of the risks to their business. Alongside our property offering we already have casualty expertise and will look to develop our range of services in financial, professional and other specialty risk areas in the months and years ahead.”
Steve Fomchenko can be contacted at Torus’ New Jersey Offices on +1 (201) 743 7750.