Global specialty insurer Torus announced that its parent, First Reserve Corporation, has agreed to amalgamate the business of its other major insurance investment vehicle, Sideris Re, within Torus.
Sideris Re Holdings owns a Bermudan class 3 reinsurer and provides the capital supporting Lloyd’s syndicate 2243. It will be amalgamated within Torus Insurance Holdings, which was established in 2008 with $720 million of capital backing from First Reserve Corporation.
Torus said the addition of “Sideris Re will increase Torus’ capital by around $79 million. The merger has received relevant regulatory approval for the change of ownership.”
Syndicate 2243 writes a worldwide portfolio of upstream and offshore energy risks as well as non-US and Canadian onshore business. This business is written under an agreement with Starr Managing Agents Limited.
Mark McComiskey, Managing Director, First Reserve Corporation explained: “The amalgamation of our insurance operations, under the management of Torus, is a logical step for all parties.”
Torus Chief Executive Clive Tobin indicated “Sideris’ business complements our own existing energy portfolio, increasing our underwriting flexibility and underlining a growing commitment to serving clients in this sector.”
Source: Torus Specialty – www.torusinsurance.com
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