Enstar Group Limited and Stone Point Capital LLC announced the completion of the acquisition of global specialty insurer, Torus Insurance Holdings Limited, originally agreed to in July 2013.
The announcement added that Torus has also appointed Patrick Tiernan as Executive Director and Chief Financial Officer Elect, and Walker Rainey as a Non-Executive Director
Tiernan joins the board of Torus and will succeed current Chief Financial Officer, Tim Harris, beginning in May. He has over 16 years of experience in the insurance business, with the past 10 years at Zurich Insurance Group where he most recently served as CEO of Zurich’s Centrally Managed Businesses.
Rainey also joins the Board, bringing to Torus his over 30 years of experience in the insurance industry, including eight years as Managing Director of Alterra Capital Europe Ltd, and eleven years as CFO of XL Europe Limited.
Torus’ CEO Dermot O’Donohoe, who replaced Clive Tobin as CEO concurrently with the acquisition announcement, described becoming part of Enstar as a “very positive development for Torus. Enstar and Stone Point are long-term, best-in-class investors in the insurance industry and bring extensive expertise to Torus. We look forward to a strong and successful future. For our clients and broker partners, it is business as usual as we seamlessly transition into the Enstar group, and we look forward to continuing to provide excellent products and service.”
Earlier this year O’Donohoe spoke to the IJ about the changes the acquisition will mean for Torus and its plans for the future.
Nick Packer, CEO of Bayshore Holdings Ltd., the immediate parent of Torus, said: “With today’s closing, we are excited to begin a new chapter for Torus. Together with the Stone Point and the Torus teams, we are hitting the ground running as we work to achieve our goals.”
Packer is Joint COO of Enstar and leads its underwriting, claims, and reinsurance operations. He co-founded Enstar, a venture that began in the early 1990s, with Dominic Silvester and Paul O’Shea.
Source: Enstar and Stone Point Capital