24 – 26 February 2010
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Torus, the global specialty insurer, today announced additional equity investment of $185 million to support the continued expansion of its specialty insurance and reinsurance businesses.
The additional financing, which is subject to regulatory approval and other customary conditions, will increase Torus’ equity capital to over $1 billion.
$150 million of equity capital will be provided by Corsair Capital, a leading New York-based private equity firm specializing in the global financial services industry. The balance will come from private equity funds managed by First Reserve Corporation, a leading private equity firm and Torus’s founding investor and majority shareholder. Following the investment, Corsair will be represented on Torus’ Board of Directors.
Torus Chief Executive Clive Tobin commented: “We have an ambitious business plan and see a number of opportunities to deploy this capital profitably. 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. With First Reserve and Corsair, we have partners with enormous experience and expertise in key areas of our business; both add huge strength to our management team.”
Nicholas Paumgarten, Chairman of Corsair added: “We are excited to be investing with a leading management team in the global specialty insurance sector with strong talent in the underwriting and risk management areas. This investment is consistent with our historical practice of partnering with highly experienced management teams.”
Torus, the global specialty insurer, has appointed Alex Maza to oversee its US Management Liability platform, effective immediately. Reporting to CUO of Global Specialty Dermot O’Donohoe, he will focus on building Torus’ offering for publicly traded and private entities in the United States. He is based in New Jersey.
Torus Management Liability Group will initially provide 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 as part of a growing portfolio of professional and commercial insurance.
Mr. Maza brings 16 years of management liability experience to Torus, eleven of which were spent at Zurich North American, where he was most recently an SVP within its Strategic Risk Solutions Group. Previously he had undertaken a number of underwriting roles within both Zurich North American and AIG.
He holds an MBA from Pace University, New York and an Economics degree from Binghamton University, also in New York. Mr. O’Donohoe said, “Alex’s appointment is an integral part of Torus’ strategic aim to deliver our specialty products across all geographies. We are reinforcing our commitment to providing clients with a top quality, professional lines operation and expanding our global capacity in management liability.”
“The professional liability market continues to be very challenging from a rate perspective for many insurers,” Mr. Maza said, “but Torus’ capacity, loss control features and underwriting expertise, along with its focus on using a high degree of analytics are key differentiators that will benefit brokers and clients, and I’m excited to develop customized Torus products and solutions to meet their needs.”
Torus, the global specialty insurer, announces the opening of a West Coast office located in San Francisco, California. The office will initially focus on property and casualty lines, coinciding with the appointments of sector specialists Kim Kihara as Vice President of General Property and Eleanor Howell as Vice President of Casualty. Both head up their respective product lines for Torus’ Western region.
Having worked in various roles within the insurance industry since 1986, Ms. Kihara was most recently SVP and Team Leader in the Risk Management Property Department of Marsh in San Francisco. Previously she has worked at Industrial Risk Insurers, Hartford Steam Boiler, and Swiss Re.
Ms. Kihara reports to Steven Fomchenko, SVP, Global Head of General Property Underwriting, who commented:
“Kim brings a long and distinguished specialist expertise to Torus and is an ideal person to help launch our San Francisco property operation. We are pleased to offer a local presence on the West Coast. This complements our existing Central and East Coast offices as we expand in the United States.”
Ms. Howell’s insurance career also spans over 20 years, most recently with Willis. She has also worked at Travelers, AIG, Marsh and Swett & Crawford.
Linc Trimble, SVP, Head of Excess Casualty and to whom Ms. Howell reports said:
“Eleanor will provide producers in the Western region with world-class services for all their umbrella and excess liability placements at Torus. She has a strong track record of growing successful excess casualty portfolios in the Western states. Additionally, she brings to Torus a strong underwriting background to first-hand producer experience. She is uniquely equipped to provide creative and flexible solutions and we’re delighted to have her on board at the inception of our West Coast office.”
Naveen Anand, Global Chief Operating Officer, added:
“Local presence and service expertise is key to maintaining strong, long-term relationships with clients and brokers. Our office in San Francisco is another important step in our strategy to expand the Torus franchise in this key market.”
Torus, the global specialty insurer, has appointed Louis Scott to its Power & Utilities team in London with immediate effect. He will report to Global Head of Power & Utilities, Ben Wilson, working closely with the now ten-strong team, five of which are in London.
Mr. Scott joins Torus from Aon where he was most recently Team Leader for Network Business within Aon Power. He has over 20 years’ experience in the Energy Property sector worldwide, beginning his career in Alexander Howden in 1989 and continuing at Aon Limited following the merger of both companies.
Mr. Wilson said: “Since our inception we have built a portfolio to establish ourselves as a significant presence in the London market. We are now focussing on delivering the levels of service and breadth of expertise that will establish Torus as a leader in the field.
Louis is a great personality whose specialist knowledge of the Power & Utilities industry, and experience as a broker, will enhance our services for brokers and clients alike.”
Torus, the global specialty insurer, has appointed Carl Groth as Group Chief Risk Officer with immediate effect. Based in New Jersey and reporting to Chief Executive Clive Tobin, Mr. Groth will drive the development of a comprehensive and integrated enterprise risk management programme for the Group worldwide. He will also be a member of the Executive Management Team.
Before joining Torus, Mr. Groth led Deloitte’s US Insurance Enterprise Risk Management practice advising companies on Solvency II related issues and readiness. Prior to Deloitte, he was Managing Director for Willis Group Ltd., responsible for its Enterprise Risk Management and Structured Risk Financing practices for North America. He has also worked in a variety of capacities at the Liberty Mutual Group, ultimately achieving overall responsibility for its Bermuda operations.
An Economics graduate of the University of Washington, Mr. Groth also holds an MBA in Finance and Investments and International Finance from George Washington University.
Commenting on his appointment Mr. Groth said: ‘I am looking forward to building a risk management infrastructure that will optimise and protect Torus’ earnings and capital and contribute to the growth of the Group’s economic value, as well as enhancing its reputation with key external constituencies.’
Mr. Tobin added: ‘This is a critical appointment and the result of a long and thorough search I am delighted that we have someone of Carl’s calibre to establish a strong risk management framework and culture at an early stage of Torus’ evolution.