NU Online News Service, Dec. 14, 2:16 p.m.EST

Global specialty insurer Torus says it is entering the suretymarket with the acquisition of First Sealord Surety Inc., and thesubsequent launch of Torus Surety.

“As part of Torus' specialty strategy we have been evaluatingthe surety markets in the U.S. and Latin America for some time andwe see excellent profitable growth opportunities,” says CliveTobin, group chief executive of Torus, in a statement.

Torus Surety will be led by Antonio C. Albenese, who was namedsenior vice president, head of surety. He was formerly withSelective Insurance, where he was head of the surety and fidelityunit.

With the buy of First Sealord, Torus gains over 300 agents andbrokers. The mono-line insurer of surety bonds specializes inconstruction surety for the small- and medium-size constructioncontractor.

Torus says Torus Surety will focus on the same marketsegment but, in time, will also offer commercial surety productsand it will look to develop contract surety business in emergingmarkets in Latin America—especially Brazil, where Torus has anadmitted reinsurer, Torus Specialty.

“Torus is already in the construction, property and energybusiness in Latin America through various legal entities,” saysNaveen Anand, chief executive of Torus Americas. “With the additionof surety capabilities we see great prospects to expand ourbusiness on all fronts with a particular focus on Brazil, which isan exciting and growing market.”

First Sealord is licensed in more than half the U.S., accordingto its website.

“First Sealord presents a tremendous platform from which toadvance Torus' development in this area and across all of ourspecialty lines,” Tobin adds.

The transaction should be finalized in January, Torus says.