Specialty insurer Torus announced an additional equity capital investment of $185 million “to support its continued expansion.” The additional financing, which is subject to regulatory approval and other customary conditions, will increase Torus’ equity capital to over $1 billion.
Torus said: “$150 million of equity capital will be provided by Corsair Capital, a leading New York-based private equity firm specializing in the global financial services industry.”
The remainder will come from private equity funds managed by First Reserve Corporation, a private equity firm, which was Torus’ founding investor and is its majority shareholder. Following the investment, Corsair will be represented on Torus’ Board of Directors.
Torus Chief Executive Clive Tobin commented: “We have an ambitious business plan and see a number of opportunities to deploy this capital profitably. We are extremely pleased to receive this endorsement of Torus from Corsair, an experienced investor in the financial services industry with a long and successful track record of supporting high growth insurance companies, at a time when capital is scarce. With First Reserve and Corsair, we have partners with enormous experience and expertise in key areas of our business; both add huge strength to our management team.”
Source: Torus – www.torusinsurance.com
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