Torus announced that it has acquired Glacier Insurance AG, a subsidiary of the Glacier Group. The transaction is expected to be completed in May, 2010, subject to relevant regulatory approvals. [See also A.M. Best’s comment at: https://www.insurancejournal.com/news/international/2010/05/04/109545.htm].
Glacier Insurance AG is headquartered in Liechtenstein. Torus noted that it has “branch offices in Zurich, Cologne and London. It has a well established specialty portfolio of aviation, space, property, energy, war and terrorism and marine risks.”
In addition the bulletin explained that “as part of the acquisition Glacier Insurance AG’s underwriting and operational staff will join Torus and all its branch offices will be retained.
“Richard Etridge, Chief Executive of Glacier Insurance, will join the Torus management team, becoming Chief Operating Officer for Continental Europe as well as Global Head of Aviation.”
Torus’ Chief Executive Clive Tobin commented: “The insurance operations of Glacier have a strong strategic, technical and cultural fit with Torus and thus present a unique opportunity to accelerate our growth strategy in Europe, following the recent establishment of our offices in Amsterdam and Paris. Along with additional products and capacity from Torus we look forward to expanding the strong client and market relationships which Glacier Insurance has established.”
Todd Hart, Chief Executive of Glacier Group, added: “Glacier Insurance and Torus’ operations are extremely complementary and we believe this transaction will be beneficial for the Glacier Group’s clients, staff and shareholders. The Glacier Group will focus on the growth and development of its reinsurance business, which has a strong operating platform and is well-established in its chosen markets.”
Source: Torus Insurance
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