Torus seeks to acquire excess and surplus lines insurance company to strengthen its position in US Specialty Market
30th September 2008
Torus Insurance Holdings Limited (Torus) has entered into a definitive agreement to acquire Praetorian Specialty Insurance Company (PSIC) from Praetorian Insurance Company, a member company of QBE the Americas. PSIC is eligible to do business as an Excess and Surplus Lines insurer in 42 jurisdictions in the US.
Torus intends to acquire PSIC through a cash transaction, which will be completed as soon as the necessary regulatory approvals have been received.
David Hope, Acting Chief Executive Officer of Torus commented: “This is an important first step in the strategic expansion of Torus’ specialty business in the United States. It will give us immediate reach into the greater part of the specialty business in the world’s largest market and reflects our commitment to develop services that will differentiate Torus with brokers and customers through technical expertise, innovation and a global approach.”