Torus has entered the U.S. surety market with the launch of Torus Surety and the acquisition of First Sealord Surety Inc. The deal should be finalized in January 2012.
Torus Surety will focus on providing contract surety in the United States to small and mid-size construction contractors. Eventually, the company will offer commercial surety products.
The acquisition of First Sealord Surety should give Torus a solid start as it revs up its surety business. The Villanova, Penn.-based company has served the small to mid-sized contract surety market for 20 years operates in 38 states and the District of Columbia through 11 gateway offices.
“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,” said Clive Tobin, Torus Group chief executive.
To lead the new operation, Torus has appointed Antonio C. Albanese as senior vice president, head of surety. He has over 26 years of experience in the insurance industry and joins Torus from Selective Insurance, where he led the surety and fidelity Unit.
In addition to the United States, 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 Naveen Anand, chief executive of Torus America.
This acquisition follows two other purchases by Torus within the last quarter and is part of Torus’ global strategy of growth through acquisition.