Filed Under:Markets, E&S/Specialty

Torus Insurance Acquired by Enstar Group

Enstar Group Ltd. will acquire specialty insurer Torus Insurance Holdings Ltd. in a combination cash and equity transaction worth $692 million.

At the same time, Torus named Dermot O’Donohoe as its new CEO, replacing Clive Tobin who is retiring.

Torus, founded in 2008, is a global specialty insurer employing over 500 people in 14 offices worldwide. It is a holding company for six insurance vehicles, including Lloyd’s Syndicate 1301.

Hamilton, Bermuda-based Enstar acquires and manages insurance and reinsurance companies in run-off and portfolios of business in run-off. In addition, it provides management, consulting and other services to the insurance and reinsurance industry.

Recently, the company made its move into live underwriting with the planned acquisition of Atrium Underwriting Group and Atrium’s reinsurance business, Arden Reinsurance Co., for $263 million.

Enstar expects to complete both the Atrium and Torus transactions by the end of this year.

The private equity company Stone Point Capital is backing the acquisition, supplying $277 million in capital. At the close of the transaction, Enstar will own 60 percent of Tours and Stone Point will own 40 percent.

The major shareholders of Torus, the private equity firms First Reserve and Corsair Capital, will receive a combination of Enstar shares and cash. The remaining Torus shareholders will receive cash.

As for the change in management, Tobin says he is leaving as “the company entered the next stage of its development and this is the appropriate time.” Tobin joined Torus in 2009 as CEO after working for a number of years at XL.

O’Donohoe joined Torus in 2009 as chief underwriting officer, global specialty and chief operating officer of Torus in the United Kingdom and Europe. He became chief executive of Torus International in 2011. He has more than 25 years of insurance experience across international and Americas markets.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Destructive California wildfires continue to ravage the West Coast [photos]

The level of destruction from California wildfires is so bad that officials don't yet have a total count of destroyed homes.

Top Story

VIDEO: Live from the 2016 WCEC General Session

National Underwriter Property & Casualty presents the awards for Excellence in Workers' Compensation Risk Management at the 71st annual Workers' Compensation Educational Conference.

More Resources

Comments

eNewsletter Sign Up

Specialty Markets Insight eNewsletter

Receive updates and analyses on hard to place and challenging coverages. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.