Torus Approved to Launch Lloyd’s Managing Agency
2nd April 2013
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.”
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)
Dermot O’Donohoe – Torus International Chief Executive
Tim Harris – Torus Group Chief Financial Officer
Dominic Kirby – TUML Managing Director
Angela Alecock – Finance Director, TUML
Neil Attwood – Active Underwriter, S1301
Laurence Lee-Tsang-Tan – Chief Actuary, S1301