Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Enstar buying Torus for $692M; O'Donohoe to succeed Tobin as CEO

Reprints
Enstar buying Torus for $692M; O'Donohoe to succeed Tobin as CEO

Enstar Group Ltd. will acquire Torus Insurance Holdings Ltd. for $692 million, Enstar said Tuesday. London-based Torus operates six insurance vehicles, including a syndicate at Lloyd's of London.

After the close of the transaction, which will be financed by cash and the creation of about 711,000 nonvoting preferred shares, Hamilton, Bermuda-based Enstar will own 60% of Torus and Greenwich, Conn.-based private equity firm Stone Point Capital L.L.C. will own the remaining 40%.

Torus' largest shareholders, private equity firms First Reserve Corp. and Corsair Capital L.L.C. , will receive a combination of cash and shares.

Meanwhile, Dermot O'Donohoe has been appointed CEO of Torus, the company also said Tuesday. He replaces Clive Tobin, who is retiring.

Mr. O'Donohoe was appointed CEO of Torus' international operations in 2011 and has more than 25 years of insurance experience.

Commenting on Torus' sale to Enstar, Mr. O'Donohoe said the company is very pleased “with the opportunity to join Enstar at this exciting time as it expands into the live insurance market.”

“It has been a privilege to lead Torus from a startup to the company it is today and to work with a team of such exceptional people,” Mr. Tobin said in a statement. “On joining Torus, I had made it clear of my intent to step down once the company entered the next stage of its development, and this is the appropriate time.”

Enstar also announced that affiliates of Stone Point would provide up to $106 million toward its previously announced acquisitions of London-based Atrium Underwriting Group Ltd. and Hamilton-based Arden Reinsurance Co. Ltd.