Torus to launch Lloyd's of London managing agency
Reprints
Torus Insurance Holdings Ltd. has received approval to launch a Lloyd's of London managing agency, Torus Underwriting Management Ltd.
London-based Torus announced Tuesday that effective immediately it would assume the management of multiline Lloyd's of London syndicate 1301, which it acquired in 2011. Syndicate 1301 was a so-called turnkey syndicate — a syndicate managed by a third party on behalf of a capital provider — managed by Chaucer Holdings P.L.C.
Syndicate 1301 underwrites accident and health, aviation, bloodstock, construction, marine, property schemes, direct and facultative, specie and war and terrorism coverages.
“Forming a Lloyd's managing agency has been a key strategic objective for Torus,” said Dermot O'Donohoe, CEO of Torus' international operations, in a statement.
“As the world's foremost specialist insurance market, Lloyd's is a key platform, and having our won managing agency completes the necessary and scalable infrastructure to operate as a leading specialty insurer,” he added.
Regulatory approval for the new managing agency was given by both Lloyd's and the Financial Services Authority, the U.K. insurance regulator.
