Posted on 14 Dec 2011
Torus, the global specialty insurer, today announced its entrance into the U.S. surety market with the launch of Torus Surety. To augment the development of this new platform, Torus has entered into an agreement to acquire First Sealord Surety, Inc. The transaction is expected to be finalized in January 2012, pending regulatory approval.
“As part of Torus’ specialty strategy we have been evaluating the surety markets in the U.S. and Latin America for some time and we see excellent profitable growth opportunities,” said Clive Tobin, Torus Group Chief Executive. “As an established surety business in the U.S. with over 300 agents and brokers throughout America, First Sealord presents a tremendous platform from which to advance Torus’ development in this area and across all of our specialty lines.”
Naveen Anand, Chief Executive, Torus Americas said, “Once the transaction closes we will act quickly to fully integrate First Sealord with Torus’ current operations. Our priority is to ensure continuity for First Sealord’s longstanding customers and we look forward to working with the First Sealord surety team to further develop their customer and market relationships.”
Torus Surety will focus on providing contract surety in the U.S. to small and mid-size construction contractors. In time the operation will also offer commercial surety products. 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.
“Torus is already in the construction, property and energy business in Latin America through our various legal entities. With the addition of surety capability we see great prospects to expand our business on all fronts with a particular focus on Brazil, which is an exciting and growing market,” said Mr. Anand.
To lead the new operation, Antonio C. Albanese has been appointed Senior Vice President, Head of Surety. With over 26 years of experience in the insurance industry, he joins Torus from Selective Insurance, where he led the Surety and Fidelity Unit.
Commenting on the appointment, Mr. Anand said, “We are thrilled to add Tony to our management team. His leadership will be important as we grow Torus’ retail specialty offering to our small and middle-market enterprise business across the U.S. and Latin America.”