Torus Names Tim Fillingham UK Chief Operating Officer

Torus announced the appointment of Tim Fillingham as the UK Chief Operating Officer (UK COO) for Torus Insurance (UK) Limited.

The UK COO’s primary role is to ensure superior service delivery to clients and brokers accessing the London and UK markets and leading relationship management with UK-based brokers. In addition to this regional role, Mr. Fillingham retains global responsibility for all marketing and corporate communications activities, part of his previous role as Torus’ Chief Marketing Officer. Mr. Fillingham reports to European COO Dermot O’Donohoe and to Global COO Naveen Anand. Although Torus was incorporated in June 2008 Mr. Fillingham had been involved in the project from its conception over a year earlier and was an instrumental part of the team that created the company.

Commenting on the promotion Mr. Fillingham said: “We have ambitious strategic goals for Torus and therefore need to stay close to the local markets to ensure that we offer the level of service that buyers and brokers require, whilst developing our business profitably. Having previously been within the brokerage community, I am acutely aware of the importance of delivering consistently high levels of performance.”

Prior to joining Torus in January 2008, Mr. Fillingham was Chairman of Aon Natural Resources, in the UK. He originally joined the broker in 1983 and was a leading member of the team that managed one of the world’s largest energy portfolios.

Clive Tobin, Torus’ Chief Executive noted: “Superior service is key to developing the long-term relationships with clients and their brokers that will underpin our success. We are fortunate to be able to call on Tim’s expertise and experience in this area to direct our initiatives in the London and UK markets”.

Torus & Sideris Re Merge

Torus, the global specialty insurer, today announced that its parent, First Reserve Corporation, has agreed to amalgamate the business of its other major insurance investment vehicle, Sideris Re, within Torus.

Sideris Re Holdings (Sideris Re), which owns a Bermudian class 3 reinsurer and provides the capital supporting Lloyd’s syndicate 2243 will be amalgamated within Torus Insurance Holdings, which was established in 2008 with $720 million of capital backing from First Reserve Corporation. The addition of Sideris Re will increase Torus’ capital by around $79 million.

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

Syndicate 2243 writes a worldwide portfolio of upstream and offshore energy risks as well as non-US and Canadian onshore business. This business is written under an agreement with Starr Managing Agents Limited.

Commenting on the merger Mark McComiskey, Managing Director, First Reserve Corporation said: “the amalgamation of our insurance operations, under the management of Torus, is a logical step for all parties.”

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