NU Online News Service, Aug. 19, 1:56 p.m.EDT

Torus says it has reached an agreement with MontpelierReinsurance Ltd., to sell the renewal rights of its propertycatastrophe reinsurance book of business with immediate effect.

Under the agreement Torus will also provide sidecar capacity toMontpelier, the Bermuda reinsurance subsidiary of Montpelier ReHoldings Ltd., effective Jan. 1, 2012.

Clive Tobin, chief executive of Torus says, “Torus' strategyremains to build a global specialty insurer with niche exposure toreinsurance. With the continued expansion opportunities we see inour insurance operations, along with our modest ambitions for nichereinsurance, we have determined it is more effective for ourcatastrophe reinsurance business to be integrated into the largerMontpelier portfolio, and for us to continue our catastrophereinsurance participation through a sidecar arrangement.”

Tobin adds that Torus “will continue to write casualty andspecialty reinsurance through our Bermuda team under theexperienced leadership of David Whiting.”

“The acquisition of these renewal rights and accompanyingsidecar capacity further enhances our position in one of our coremarkets at a time when conditions are visibly improving,” saysChristopher Harris, president and CEO of Montpelier, a leadingprovider of short-tail reinsurance and other specialty linescomments.

Torus provides property, casualty and specialty insurance, aswell as reinsurance to a global client base through its European,U.S. and Bermudian based subsidiaries. Launched in 2008, thecompany now has more than 500 employees in 13 offices worldwide.Torus carries a group rating of

A (excellent) from A.M. Best and has capital of about $1billion.