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Member, Beacon International Group, Ltd.
LONDON—Torus Insurance Holdings Ltd. said Wednesday that its parent company, First Reserve Corp., plans to merge Sideris Re Holdings Ltd. within Torus.
Sideris Re, which provides capital that supports Lloyd’s of London syndicate 2243, will increase London-based Torus’ capital by nearly $79 million, Torus said in a statement.
The merger has received regulatory approval, the company said. Syndicate 2243 writes a global portfolio of upstream and offshore energy risks as well as non-U.S. and Canadian onshore businesses.
“Sideris’ business complements our own existing energy portfolio, increasing our underwriting flexibility and underlining a growing commitment to serving clients in this sector,” Clive Tobin, chief executive officer of Torus, said in a statement.