Torus Q1 2015 results reported by Enstar Group

12 May 2015 – LONDON: Enstar Group Limited yesterday (11 May) filed its quarterly report on Form 10-Q for the three months ended March 31, 2015 with the U.S. Securities and Exchange Commission. Enstar reported net earnings from Torus Insurance Holdings Limiteds (Torus) active underwriting operations of US$8.3 million for the first quarter of 2015, which was a $6.6 million increase from pro forma net earnings reported for the first quarter of 2014.

Torus highlights

  • Gross written premium of $191m
  • Net loss ratio at 61%
  • AM Best outlook revised to ‘stable and A- (Excellent) Group financial strength rating affirmed on 30 April
  • Further progress made to drive down operating expenses with continued focus on operational efficiency and effectiveness

Nick Packer, StarStone Chairman and CEO, said:
“Torus results for the first quarter are particularly pleasing given the competitive environment. They demonstrate the sustainability of a focused and diversified specialty portfolio which, when combined with the continuing transformation of the company, is extremely encouraging.

Looking ahead, the market remains challenging but we are confident that our strategy will continue to drive profitability across the Group. We are committed to making further improvements to our expense base and will do so while maintaining our underwriting discipline and a strong focus on risk management.”


Additional Information
This press release refers to certain financial information of Enstar. For complete financial information regarding Enstar, refer to its quarterly report on Form 10-Q filed on May 11, 2015 and its annual report on Form 10-K filed on March 2, 2015, which can be found at www.enstargroup.com/financials.cfm.

Torus is owned by Bayshore Holdings Limited, a joint venture entity owned 59% by Enstar, with the Trident V funds (managed by Stone Point Capital LLC) owning 39.3% and Dowling Capital Partners owning 1.7%. Net earnings attributable to Enstar for its ownership interest in Torus active underwriting operations were $8.3 million for the three-month period ended March 31, 2015, with net earnings attributable to the noncontrolling interests of Trident and Dowling of $3.4 million. Torus discontinued lines of business have been fully reinsured by a vehicle owned by Bayshore.

The first quarter pro forma net earnings information provided by Enstar in its filings is unaudited and was prepared by Enstar for informational purposes only. It is not necessarily indicative of the results of operations that would have been achieved had the acquisition of Torus taken place at the beginning of the periods presented, nor is it indicative of future results. The Enstar pro forma total of $1.7 million for Q1 2014 is shown before earnings attributable to noncontrolling interests of $1.4 million.


This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar, Torus and their respective management teams, including with respect to Torus’ financial results, operational strategies and the market environment. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar may be found under the heading “Risk Factors” in Enstar’s Form 10-K for the year ended December 31, 2014 and are incorporated herein by reference. Furthermore, Enstar and Torus undertake no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.

Torus and London Aviation Underwriters Form General Aviation Partnership in the US

Torus Insurance Holdings Limited (“Torus”), the global specialty insurer, today announced that it has entered into a partnership with London Aviation Underwriters (LAU) to write general aviation insurance throughout the United States. The coverage will be written on behalf of Torus’ US admitted carrier, Torus National Insurance Company (TNIC), which is rated A- (Excellent) by A.M. Best, financial size XI.  The agreement is effective immediately.

LAU is a Seattle-based Managing General Agent and has been insuring general aviation risks since 1980.  Specialist areas also include airport premises liability and non-owned aircraft liability.

John Shettle, Vice Chairman of Torus and Chief Executive Officer of Torus US, said:
“We are excited to enter into a long-term partnership with LAU and its President and CEO, Jeff Sutton, whom I have known professionally for more than 20 years.

“While Torus has been a significant writer of aviation insurance globally, we have not historically had a significant general aviation presence in the United States. LAU has a strong reputation for underwriting, claims and policyholder service excellence and I am sure that our combined resources will prove to be a winning formula.”

Jeff Sutton, President and CEO of LAU, added: “We are delighted to partner with Torus. The company has a long and deep commitment to the aviation insurance industry and a thorough understanding of the business we write. With Torus’ backing, we are confident that our business will continue to grow and play a meaningful role in serving the insurance needs of the general aviation community in the United States.”

Torus is approved to write general aviation in the majority of target US states. The process to have remaining target states approved is underway.


About Torus
Torus Insurance Holdings Limited is an international, A- rated insurance group with six wholly owned insurance platforms, including Lloyd’s Syndicate 1301. Torus underwrites business across the Property, Specialty and Casualty risk classes from operations in London, Continental Europe and the US. Torus is owned by Enstar, together with the Trident V funds managed by Stone Point Capital LLC and Dowling Capital Partners I, L.P. For further information about Torus, see www.torus.com.

About London Aviation Underwriters
Headquartered in Seattle, Washington, London Aviation Underwriters, Inc. is a privately held US aviation insurance underwriting agency. Founded in 1980, LAU is licensed in all 50 US states, as well as the District of Columbia. LAU markets its policies through independent aviation insurance producers and is transitioning its business from North American Specialty Insurance Company and Companion Property & Casualty Insurance Company to Torus National Insurance Company. For further information about LAU, see www.londonaviation.net.


This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Torus, Enstar and their respective management teams. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar may be found under the heading “Risk Factors” in Enstar’s Form 10-K for the year ended December 31, 2014 and are incorporated herein by reference. Furthermore, Enstar and Torus undertake no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.