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Member, Beacon International Group, Ltd.
Torus Insurance Holdings Ltd. will increase the capacity of its Lloyd’s of London syndicate 1301 for 2014 to £180 million ($293.4 million) from £160 million ($260.8 million) and extend its product offering to include excess casualty and U.S. health care, Torus said in a statement Monday.
Torus will begin writing U.S. health care and international excess casualty business through Lloyd’s. Syndicate 1301 will become the principle underwriting platform for international excess casualty business written from London and Europe, the company said in its statement.
Lloyd’s also approved four of Torus’s six European offices — those in Cologne, Germany; Paris, Milan and Rotterdam, Netherlands — as Lloyd’s coverholders, effective Jan. 1, 2014, allowing these offices to begin writing business locally on Lloyd’s S&P A+ rated paper for all Torus products written through Lloyd’s. An application for Zurich is pending.
Cologne, Rotterdam and Milan already act as coverholders for marine business, but also will offer syndicate 1301’s full suite of international specialty products across accident and health, aviation, casualty, construction, marine, property, direct and facultative, property schemes, and war and terrorism.
“Following the launch of Torus’ managing agency this year, we look forward to expanding our trading activity through Lloyd’s in 2014. Lloyd’s is a key platform for Torus and we are seeing excellent opportunities to link syndicate 1301’s specialty products and distribution with Torus’ current offerings in the U.S. and Europe,” Dominic Kirby, managing director of Torus Underwriting Management Ltd., said in the statement.