NU Online News Service, May 4, 10:08 p.mEST

Bermuda-based Torus announced its intention to acquire GlacierInsurance AG headquartered in Liechtenstein for undisclosed termstoday.

Torus said the deal, subject to regulatory approvals, isexpected to be completed later this month.

Glacier Insurance AG, a subsidiary of Glacier Group, has anestablished specialty portfolio of aviation, space, property,energy, war and terrorism and marine risks.

As part of the acquisition, Glacier Insurance AG's underwritingand operational staff will join Torus and all its branch officeswill be retained. Branch offices are located in Zurich, Cologne andLondon.

Richard Etridge, chief executive of Glacier Insurance, will jointhe Torus management team, becoming chief operating officer forContinental Europe as well as Global Head of Aviation.

Torus' Chief Executive Clive Tobin said, "The insuranceoperations of Glacier have a strong strategic, technical andcultural fit with Torus and thus present a unique opportunity toaccelerate our growth strategy in Europe, following the recentestablishment of our offices in Amsterdam and Paris."

Torus Insurance Holdings Ltd.--launched in June 2008 in Bermudaand backed by $720 million of funding from First Reserve Corp., aprivate equity firm specializing in the energy sector--wasinitially focused on U.K. distribution of property coverage for theenergy sector.

Since then, the company has expanded into by into other linesand territories--including the U.S. excess and surplus linesinsurance market. Today Torus provides property, casualty andspecialty insurance as well as reinsurance products to a globalclient base through its European, U.S. and Bermudiansubsidiaries.

In February of this year, Torus announced that an equityinvestment of $185 million from Corsair Capital, a New York-basedPE firm, put total capital over $1 billion, available to supportthe continued expansion of its specialty insurance and reinsurancebusinesses.

In today's statement, Mr. Tobin said that Torus looks forward to"expanding the strong client and market relationships which GlacierInsurance has established."

Todd Hart, chief executive of Glacier Group, added, "GlacierInsurance and Torus' operations are extremely complementary and webelieve this transaction will be beneficial for the Glacier Group'sclients, staff and shareholders."

He noted that the deal would allow the Glacier Group to focus onthe growth and development of its reinsurance business goingforward.

The Glacier Group is a property and casualty and specialtyinsurance and Reinsurance group headquartered in Pfaeffikon, CantonSchwyz, Switzerland. It operates from five offices worldwide,delivering reinsurance and insurance solutions to global customersprior to the deal.