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Torus acquires Lloyd's syndicate 1301, Broadgate Underwriting

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LONDON—Torus Insurance Holdings Ltd. has acquired Lloyd’s of London syndicate 1301 and its corporate members Broadgate Underwriting Ltd. and Broadgate Underwriting 2010 Ltd. from Israel-based Clal Insurance Enterprises Holdings Ltd.

Terms of the deal, which is subject to Lloyd’s approval, were not disclosed.

London-based Torus announced Tuesday that it had bought syndicate 1301, which underwrites direct and facultative property, accident and health, specie and bloodstock business and has capacity of about £92 million ($1.45 billion).

The syndicate is managed by Chaucer Syndicates Ltd.

Will retain staff

Torus said it would not make any job layoffs and would retain the syndicate’s active underwriter, Bob Katzaros, and the syndicate’s teams of underwriters, claims handlers and management staff.

If Lloyd’s approval is granted, Torus would begin underwriting at Lloyd’s on Jan. 1, 2012.

The deal gives Torus direct access to Lloyd’s.

‘Milestone for Torus’

Torus underwrites construction business through syndicate 2243 under an agreement with Starr Managing Agents Ltd. It also writes onshore and offshore energy business through quota share agreements.

“Today’s announcement is an important milestone for Torus,” Torus CEO Clive Tobin said in a statement. “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,” he added.

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