Northdoor completes successful roll-out of NdexInsure Insurance Solution for Torus

Northdoor, the IT solutions provider specialising in the insurance industry, announced that it has successfully delivered the roll-out of its NdexInsure Insurance Solution for Torus, the global speciality insurer on budget and on time. As part of the implementation, Northdoor deployed a number of key modules including policy administration, claims management, outward reinsurance and a data warehouse. It also successfully migrated all Torus’ historical data to the new platform within a 6 month period.

Northdoor was appointed by Torus in August 2012 following its acquisition of London-based Lloyd’s Syndicate 1301 because it needed a flexible and open IT solution that worked alongside its existing technology infrastructure. With Northdoor’s Shared IP Model, Torus was able to retain full control over the current and future developments of the solution.

As a result of the successful deployment of NdexInsure, Torus has recently received approval from the UK Financial Services Authority and Lloyd’s to launch its own Lloyd’s managing agency.

Rob Stavrou, Commercial Director for Integrated Solutions at Northdoor, said:
“We are thrilled that the roll-out of NdexInsure Insurance Solution within Torus has been such a success. The system is unique in that it provides full control and flexibility to the customer through our Shared Intellectual Property (IP) model. At Northdoor, we are committed to delivering solutions that not only address the client’s needs today but also support their future growth. We are delighted to be working with Torus and look forward to building on this relationship for many years to come.”
Jon-Paul Andrews, Chief Information Officer, Torus International, said:
“We are delighted that the NdexInsure solution is now implemented and live. We now have a system that meets our business requirements, with the ability to have flexibility and control over the system going forward, through the use of Northdoor’s shared IP model,”

He continued “After the successful work with Northdoor, the NdexInsure system has helped us to achieve an important milestone for Torus, as we have now been approved to become a Lloyd’s Managing Agency.”

For more information on NdexInsure or NdexInsure Cloud, please visit www.ndexinsure.com


About Northdoor

Northdoor provides integrated information technology solutions. Its services encompass consultancy, application development, enterprise infrastructure and IT support and managed services.  Originally founded in 1989 to serve the London Market, Northdoor has extended its expertise in insurance and banking to wider sectors, such as media, retail and travel, with services now reaching over 200 businesses. Northdoor has a collaborative and high-touch customer care approach in delivering tailored solutions that help clients to achieve their business objectives. For more information see www.northdoor.co.uk.

Torus Approved to Launch Lloyd’s Managing Agency

Torus, the global specialty insurer, today announced it has received approval from the UK Financial Services Authority and Lloyd’s to launch its own Lloyd’s managing agency, Torus Underwriting Management Limited “TUML”.

TUML assumes management of Torus Syndicate 1301 with immediate effect, replacing the Chaucer “turnkey” syndicate management agreement in place since Syndicate 1301 opened for business in 2000. Torus acquired Syndicate 1301 in September 2011.

Commenting on the announcement, Dermot O’Donohoe, Torus International Chief Executive, said, “Forming a Lloyd’s managing agency has been a key strategic objective for Torus. As the world’s foremost specialist insurance market Lloyd’s is a key platform and having our own managing agency completes the necessary and scalable infrastructure to operate as a leading specialty insurer.”

Dominic Kirby, TUML Managing Director, added, “Establishing a Lloyd’s managing agency is a complex process, especially now with the requirements of the Solvency II environment. We appreciate the efforts of Lloyd’s and the FSA who worked closely with us through the approval process and look forward to furthering Torus’ specialty offering around the world as a fully integrated Lloyd’s operation.”

Clive Tobin, Torus Group Chief Executive, concluded, “Today’s announcement marks another important milestone for Torus. Launching a stand-alone Lloyd’s managing agency is a significant achievement to have accomplished in just over four years of operation.”


Further information

1. Overview of Torus’ Lloyd’s operations

Torus writes business in Lloyd’s through Syndicate 1301. Products offered through the Syndicate include Accident & Health, Aviation, Bloodstock, Construction, Marine, Property Schemes, Direct & Facultative Property, Specie, War & Terrorism.
2. Torus at Lloyd’s timeline

December 2009: Torus merges with Sideris Re Holdings Limited, allowing Torus to write Construction business through Syndicate 2243.

September 2010: Torus opens for Marine, Aviation and Space business on the company floor gallery of the Lloyd’s building, London.

September 2011: Torus acquires Lloyd’s Syndicate 1301, effective January 1, 2012, enabling Torus to write a range of niche specialty lines including Accident & Health, Property Direct & Facultative, Specie, Property Schemes and Bloodstock.

December 2011: Torus acquires the renewal rights to CV Starr’s Continental European business – business written through Syndicate 1919. CV Starr’s Continental European underwriting team transfer to Torus and business is renewed though Syndicate 2243, effective January 1, 2012.

January 2013: All Torus’ Lloyd’s business is now written through Syndicate 1301 to create a more efficient and effective platform for growth.

April 2013: Torus announces approval and launch of a new, stand-alone managing agency, Torus Underwriting Management Limited.
3. The Torus Underwriting Management Limited Board of Directors

Torus Underwriting Management Limited will be overseen by a board of nine executive and non-executive directors:

Independent Non-Executive Directors

Barnabas Hurst-Bannister (Chairman)
Nigel Barton
Rupert Lowe

Non-executive Directors

Dermot O’Donohoe – Torus International Chief Executive
Tim Harris – Torus Group Chief Financial Officer

Executive Directors

Dominic Kirby – TUML Managing Director
Angela Alecock – Finance Director, TUML
Neil Attwood – Active Underwriter, S1301
Laurence Lee-Tsang-Tan – Chief Actuary, S1301