Torus Adds To US Management Liability & Professional Lines Offering
6th November 2012
Torus, the global specialty insurer, today announced the expansion of its US Management Liability and Professional Lines practice with the addition of two new specialty insurance products: media liability coverage for the Media & Entertainment segment; and financial institution bonds offering for the Financial Institution customer segment.
To support these new offerings, as well as its Professional Liability practice as a whole,
Torus also announced the appointment for four new executives to its US team. They include:
- Sharon Raksnis, Senior Vice President, Head of Financial Institutions;
- Craig Grant, Vice President, Head of Private Company Management Liability;
- Christopher Cooper, Assistant Vice President, Media Liability Practice Leader; &
- Christine Cook, Assistant Vice President Senior Underwriter, Private Company Management Liability.
In addition, Torus last week announced it added Commercial E&O coverage to ESCAPE, Torus’ award-winning online portal for US brokers aimed at streamlining the quote-to-bind-to-issue process. With these enhancements, ESCAPE is now available for 75 E&O classes and is one of the first online portals that enable producers to quote and bind multiple coverages under a single premium. ESCAPE was first launched by Torus in 2010 for brokers selling umbrella and high excess liability policies to small businesses.
Commenting on the development of Torus’ Management Liability and Professional Liability practice, Jeff Grange, Senior Vice President, Head of Professional Lines said, “Torus has proudly established a full-service underwriting team and one-stop-shop specialty underwriting platform that offers small and medium sized enterprises (SME) with a complete portfolio of insurance products that address the unique needs of organizations of their size.”
He continued, “Supported by the award winning and market leading Torus ESCAPE quote, bind and issue internet portal, our team of specialists offers a superior user experience for producers and clients via conventional and online distribution for those in traditional and emerging industries.”
New Specialty Offerings Available to Financial Institution & Media Liability Segments
In a continued effort to grow the depth and breadth of its professional liability offerings Torus has expanded its product portfolio. Effective immediately Torus will underwrite financial institution bonds (“fidelity”) on both a primary and excess basis for the Financial Institution customer segment, including banks, insurance companies and asset managers.
In addition, Torus will also now offer Media Liability and Film/Video Producers E&O coverage, on both a primary and excess basis, to the Commercial E&O customer segment.
These offerings add to Torus’ portfolio of Professional Liability coverages available to a wide array of private and public professional service providers, including technology, media & entertainment, allied health care and financial institutions. Specific offerings include directors & officers liability, professional lines (errors & omissions), privacy, network security and financial institution bond products. Torus underwrites capacity up to $10mm per risk.
Raksnis Spearheads Launch of Financial Institution Bonds
Bringing over 25 years of Financial Institution industry experience, Sharon Raksnis leads Torus’ Financial Institutions segment, reporting to Jeff Grange. Ms. Raksnis joins Torus at a crucial time following the 2008 financial crisis and a number of high profile scandals affecting prominent global financial institutions. Working to grow Torus’ wide-ranging offerings in the asset management, banking and insurance sectors she will spearhead the launch of Torus’ entry into the Financial Institution Bond arena.
Prior to Torus, Ms. Raksnis worked at Marsh FINPRO as a Managing Director and Senior Client Advisor to various financial institutions including Bank of America, Wells Fargo and US Bancorp. Ms. Raksnis graduated from Yale University with a BA in Economics.
Cooper Launches Media Liability for Commercial E&O Business
Christopher Cooper joins the Management Liability and Professional Lines’ team to develop Torus’ US Commercial E&O business. With a focus on the high growth Media & Entertainment segment, Mr. Cooper will spearhead this practice, underwriting Media Liability, Film/Producer Errors & Omissions, Miscellaneous Professional Liability, Technology Errors & Omissions and Privacy & Network Security coverages.
At a time when every enterprise is a “digital publisher” and when social media and other digital distribution platforms are increasing he will lead Torus’ efforts to underwrite coverage that mitigates the risks and exposures associated with the rapid proliferation of content on the part of Media & Entertainment companies. Mr. Cooper will report directly to Michael Phillips, Senior Vice President, US Commercial E&O.
Bringing over 10 years of Media and Entertainment industry experience, Mr. Cooper joined Torus from Chubb Specialty Insurance, where he was most recently the Senior Underwriting Officer for Media, Privacy and E&O Liability for the mid-west and west US regions. Mr. Cooper is a graduate of Quinnipiac University with a BA in Mass Communications.
Grant & Cook Strengthen Middle Market Management Liability Team
Craig Grant leads Torus’ Private Company and Not-for-Profit Management Liability segments.
Mr. Grant brings more than 18 years of Management Liability underwriting experience. He joins Torus from Ryan Specialty Group where he was most recently Managing General Underwriter Director. In this capacity, Mr. Grant was responsible for production creation, platform design and implementation as well as carrier acquisition. Prior to this role, Mr. Grant served as Executive Underwriter at Chubb Speciality Insurance, where he spent over 14 years in various underwriting leadership roles. Mr. Grant will report directly to Mr. Grange, Senior Vice President, Head of Professional Lines.
Christine Cook joins Torus as a senior underwriter on the Torus’ Private Company, Middle Market and Not for Profit underwriting team, reporting to Mr. Grant. Ms. Cook brings more than 12 years of underwriting and broker management liability experience and has held various roles at AIG’s National Union, Beazley Group, Willis, Marsh, Inc. and the BWD Group.