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LONDON—Torus Insurance Holdings Ltd., is entering the U.S. surety market with its acquisition of Villanova, Pa-.based First Sealord Surety Inc., Torus announced Tuesday.
According to Torus, the new Torus Surety unit will focus on providing contract surety in the United States to small and midsize construction contractors.
“In time, the operation will also offer commercial surety products,” said Torus in a statement announcing the acquisition. “Torus will also seek to develop contract surety business in key emerging markets throughout Latin America. This will be done through Torus' admitted reinsurer in Brazil and the company's other licenses in the region.”
Antonio C. Albanese, a senior vp who headed the surety and fidelity unit at Branchville, N.J.-based Selective Insurance Co. of America, will head the new unit as senior vp, head of surety.
The transaction is expected to be finalized in January.
This month, Torus and Starr Underwriting Agents Ltd. announced that 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.