Best Affirms Ratings Of Torus Subsidiaries
A.M. Best Co. has affirmed the financial strength rating of A- [Excellent] and issuer credit ratings of “a-” of Torus Specialty Insurance Companyand Torus National Insurance Company, US-domiciled subsidiaries of Bermuda’s Torus Insurance Holdings Limited.
The outlook for all ratings is stable.
These ratings are based upon A.M. Best’s group rating methodology and take into consideration the roles and strategic importance of Torus Specialty and Torus National to Torus’ overall US strategy.
The ratings also reflect the explicit support provided through substantial quota share reinsurance of Torus Specialty and Torus National’s net business by their UK-based affiliate, Torus Insurance UK Limited.
Additionally, Torus UK provides an aggregate stop loss agreement to Torus Specialty and Torus National. The ratings also reflect the implied support of future parental commitment.
Torus Specialty and Torus National maintain a strong stand-alone capitalisation, which is driven by low underwriting leverage, negligible investment leverage and capital contributions from Torus. A.M. Best will closely monitor the operating performance of these relatively new companies given the execution risk to achieve business projections and the competitive market.
Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source
