Specialty insurer Torus has confirmed that it has “entered into an agreement with Clal Insurance Enterprises Holdings Limited to acquire London-based Lloyd’s Syndicate 1301 and its corporate members Broadgate Underwriting Limited and Broadgate Underwriting 2010 Limited.”
The acquisition is subject to approval by Lloyd’s.
Torus said the acquisition will enable it to write specialty business in Lloyd’s effective January 1, 2012. It will also retain Broadgate’s current team of underwriters, claims handlers and syndicate management under the direction of Active Underwriter, Bob Katzaros.
‘Today’s announcement is an important milestone for Torus,’ stated Group Chief Executive Clive Tobin. ‘With the acquisition of Broadgate the key global platforms required to achieve our strategy of building a leading specialty insurer are essentially now in place.’
The bulletin noted that Broadgate specializes in a range of niche short tail business across several product lines. They include “accident and health, property direct and facultative, property treaty, specie, property schemes and bloodstock.”
Tobin cited the experience of the “Broadgate team,” and indicated that the deal would give Torus “excellent opportunities to link their products and distribution with Torus’ current product offerings in the US and Europe. There is a strong strategic and cultural fit and we look forward to working with the team to further client and market relationships.’
Katzaros commented, ‘This agreement aligns two complementary insurance platforms and will allow the Broadgate team to continue augmenting its specialty capabilities as part of Torus’ growth plans in this area.’
Torus already writes construction business through Lloyd’s Syndicate 2243, which it absorbed in December 2009. However, the company explained that this “business is written under an agreement with Starr Managing Agents Limited. Onshore and offshore business is also written but on a quota share basis.”
Source: Torus Insurance
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