Torus today announced that effective 1 April, 2011, it will no longer offer excess liability through its Bermuda operations. It will continue to offer existing liability products provided by its casualty unit in the US, specialty unit in Europe and Torus Re.
In announcing this decision Clive Tobin, Chief Executive, of Torus commented:
“The excess liability market has been extremely challenging for some time with continuing rate deterioration and increasing excess capacity. We see no near term signs of the anticipated and much needed improvement in conditions. Against this backdrop, it will be increasingly difficult to achieve the necessary scale and returns for Bermuda within an acceptable timeframe. Our Bermuda operations will now focus solely on reinsurance and we will reallocate capital to other growing segments of our business which offer more attractive opportunities.”