Global specialty insurer Torus announced from its office in London that its Syndicate 1301 business plan for 2014 has been approved by Lloyd’s. “The plan increases the syndicate’s capacity to £180 million [$293.5 million] and extends its product offering to include Excess Casualty and US Healthcare,” said the announcement.
Torus also noted that “four of the company’s six European offices have now been approved as Lloyd’s coverholders, effective January 1, 2014, and will commence writing business locally on Lloyd’s S&P A+ rated paper for all Torus products written through Lloyd’s.”
Dominic Kirby, Managing Director of Torus Underwriting Management Limited, commented: “Following the launch of Torus’ managing agency this year, we look forward to expanding our trading activity through Lloyd’s in 2014. Lloyd’s is a key platform for Torus and we are seeing excellent opportunities to link Syndicate 1301’s specialty products and distribution with Torus’ current offerings in the US and Europe.”
Torus explained that under the approved Lloyd’s Syndicate 1301 business plan for the 2014 underwriting year, effective January 1, 2014, it will:
• Commence writing US Healthcare through Lloyd’s, in addition to Torus’ current offering through Torus’ US excess & surplus lines insurer, Torus Specialty Insurance Company, and Torus’ US admitted markets insurer, Torus National Insurance Company.
• Commence writing International Excess Casualty business through Lloyd’s; Syndicate 1301 is to become the principle underwriting platform for this line of business written from London and Europe.
• Increase Syndicate 1301’s capacity to £180 million, up from £160 million [$260.8 million] in 2013.
The announcement also listed the Torus’ offices in Continental Europe that have been approved as Lloyd’s coverholders:
These include – Cologne, Paris, Milan and Rotterdam. An application for Zurich is currently in progress with Lloyd’s.
“Cologne, Rotterdam and Milan already act as coverholders for Marine business, but will now also offer Syndicate 1301’s full suite of international specialty products,” Torus said. Those offerings include the following:
• Accident & Health
• Property, Direct & Facultative
• Property Schemes
• War & Terrorism