Torus Acquires Lloyd’s Syndicate 1301
Bermuda-based Torus today [Sept.20] confirmed it has entered into an agreement with Clal Insurance Enterprises Holdings Limited to acquire London-based Lloyd’s Syndicate 1301 and its corporate members Broadgate Underwriting Limited and Broadgate Underwriting 2010 Limited.
Subject to approval by Lloyd’s, the acquisition will enable Torus to write specialty business in Lloyd’s effective January 1, 2012.
Torus will retain Broadgate’s current team of underwriters, claims handlers and syndicate management under the direction of Active Underwriter, Bob Katzaros.
“Today’s announcement is an important milestone for Torus,” said Clive Tobin, Group Chief Executive of Torus. “With the acquisition of Broadgate the key global platforms required to achieve our strategy of building a leading specialty insurer are essentially now in place.”
Broadgate specialises in a range of niche short tail business across several product lines, including accident and health, property direct and facultative, property treaty, specie, property schemes and bloodstock.
“The Broadgate team is highly experienced and we see excellent opportunities to link their products and distribution with Torus’ current product offerings in the US and Europe. There is a strong strategic and cultural fit and we look forward to working with the team to further client and market relationships,” he added.
Mr. Katzaros commented, “This agreement aligns two complementary insurance platforms and will allow the Broadgate team to continue augmenting its specialty capabilities as part of Torus’ growth plans in this area.”
Torus Insurance Holdings Limited is the Bermudian holding company of five insurance entities; Torus Insurance (UK) Limited, an FSA regulated business; Torus Specialty and Torus National Insurance Companies in the US; Torus Insurance (Europe) AG, regulated by the FMA Liechtenstein; and Torus Insurance (Bermuda) Ltd, a Class-4 insurer domiciled in Hamilton.
