Torus Enters Financial Lines Market in London
6th April 2010
London, April 6th 2010: Torus UK today announced its entry into the Financial Lines marketplace in London through a newly formed underwriting agency TORUS EXECUTIVE RISKS LTD (TER).
TER, which is a joint venture with Nexus Underwriting Ltd, will be led by the CEO of Nexus, Colin Thompson, an experienced London market Financial Lines underwriter. TER will underwrite on behalf of Torus Insurance (UK) Ltd, which is rated A- by A.M. Best, and will provide policy limits up to £10 million per risk in the product lines of Directors and Officers Liability, Bankers Blanket Bond, Professional Indemnity, Pension Trustee Liability, Employment Practices Liability and Public Offering of Securities Insurance.
Colin Thompson is joined on the board of TER by Dermot O’Donohoe, (Chief Operating Officer of Torus Europe), Hugh Morland (formerly CEO of Marsh’s FINPRO operations in London and CEO of CNA Insurance Company (Europe) Limited) and Ian Whistondale (formerly of Whistondale & Partners) who will serve as Chairman.
Dermot O’Donohoe commented, “This is an exciting development for Torus which provides us with an innovative springboard into the Financial Lines arena with partners with a proven track record in this sector. We expect TER to be integral to Torus’ ongoing development.”
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For further information, please contact:
Colin Thompson, CEO Torus Executive Risks Ltd
0203 206 8099
Dermot O’Donohoe, Chief Underwriting Officer, Global Specialty
0203 102 4273
Torus provides property, casualty and specialty insurance, as well as reinsurance to a global client base through its European, US and Bermudian based subsidiaries. Launched in 2008, Torus now has over 400 employees in 13 offices worldwide. Torus carries a group rating of A – (excellent) from A.M. Best and has capital of approximately $1billion provided by First Reserve Corporation and Corsair Capital. For more information visit www.torusinsurance.com