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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—Torus Insurance Holdings Ltd. said Monday that it plans to add $185 million in equity investments to support expansion of its specialty insurance and reinsurance businesses.
The additional financing, which is subject to regulatory approval, would increase Torus’ equity capital to more than $1 billion, the Hamilton, Bermuda-based specialty insurer said in a statement.
Corsair Capital L.L.C. will provide $150 million of equity capital. The balance, Torus said, will come from private equity funds managed by First Reserve Corp., a private equity firm and Torus’ founding investor and shareholder.
New York-based Corsair will be represented on Torus’ board of directors after its investment, Torus said.