Posted on 02 Apr 2013 by Neilson
Torus, the global specialty insurer, today announced it has received approval from the UK Financial Services Authority and Lloyd's to launch its own Lloyd's managing agency, Torus Underwriting Management Limited "TUML".
TUML assumes management of Torus Syndicate 1301 with immediate effect, replacing the Chaucer "turnkey" syndicate management agreement in place since Syndicate 1301 opened for business in 2000. Torus acquired Syndicate 1301 in September 2011.
Commenting on the announcement, Dermot O'Donohoe, Torus International Chief Executive, said, "Forming a Lloyd's managing agency has been a key strategic objective for Torus. As the world's foremost specialist insurance market Lloyd's is a key platform and having our own managing agency completes the necessary and scalable infrastructure to operate as a leading specialty insurer."
Dominic Kirby, TUML Managing Director, added, "Establishing a Lloyd's managing agency is a complex process, especially now with the requirements of the Solvency II environment. We appreciate the efforts of Lloyd's and the FSA who worked closely with us through the approval process and look forward to furthering Torus' specialty offering around the world as a fully integrated Lloyd's operation."
Clive Tobin, Torus Group Chief Executive, concluded, "Today's announcement marks another important milestone for Torus. Launching a stand-alone Lloyd's managing agency is a significant achievement to have accomplished in just over four years of operation."