First Reserve Corporation has joined forces with a group of senior insurance practitioners to create a new specialist insurance company, Torus Insurance Holdings Limited (Bermuda).Torus is supported by a $720 million equity funding from First Reserve, a private equity firm that specializes in the energy sector. Senior management of Torus has also invested personally in the new venture.
Operating companies Torus Insurance (UK) Limited, in London and Torus Insurance (Bermuda) Limited, in Bermuda, have now received authorization respectively from the UK Financial Services Authority and Bermuda Monetary Authority.
Torus Insurance (UK) Limited and Torus Insurance (Bermuda) Limited have been assigned A - (excellent) ratings from A.M. Best and will start accepting risks incepting on July 1.
David Hope has been appointed chief underwriting officer at the new company and will act as CEO until Jan. 1, 2009. Agreement has been reached with a senior industry executive who will assume the position at that stage.
Torus is a technical lines insurer specializing in large complex risks with a particular focus on the energy sector. Its investment in experienced underwriting teams and industry leading technology is designed to provide insurance buyers with knowledgeable partners, and their service providers with improved service at every point of the insurance transaction.
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