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LONDON—Torus syndicate 2243 has acquired the renewal rights to C.V. Starr syndicate 1919's continental European marine, casualty, financial lines and general property business, effective Jan. 1, 2012, Torus Insurance Holdings Ltd. and Starr Underwriting Agents Ltd. announced Monday.
The transaction and syndicate 2243's business plan for next year have been approved by Lloyd's of London. Torus syndicate 2243 and C.V. Starr syndicate 1919 are managed by Starr Managing Agents Ltd.
“The agreement enables Starr to focus on expanding our operations in rapidly growing marketplaces around the world,” Steve Blakey, head of Starr’s international insurance operations, said in a statement. “While Europe remains important to Starr, Latin America and Asia are expanding significantly.” There are opportunities for Starr to leverage its “relationships and expertise,” he said.
“Today’s announcement further underlines Torus’ commitment to becoming a leading specialty insurer through strategic growth in key markets worldwide, as well as our stated commitment to the development of our Lloyd’s platforms,” Clive Tobin, Torus group chief executive, said in the statement.