NU Online News Service, May 4, 10:08 p.m EST
Bermuda-based Torus announced its intention to acquire Glacier Insurance AG headquartered in Liechtenstein for undisclosed terms today.
Torus said the deal, subject to regulatory approvals, is expected to be completed later this month.
Glacier Insurance AG, a subsidiary of Glacier Group, has an established specialty portfolio of aviation, space, property, energy, war and terrorism and marine risks.
As part of the acquisition, Glacier Insurance AG’s underwriting and operational staff will join Torus and all its branch offices will be retained. Branch offices are located in Zurich, Cologne and London.
Richard Etridge, chief executive of Glacier Insurance, will join the Torus management team, becoming chief operating officer for Continental Europe as well as Global Head of Aviation.
Torus’ Chief Executive Clive Tobin said, “The insurance operations of Glacier have a strong strategic, technical and cultural fit with Torus and thus present a unique opportunity to accelerate our growth strategy in Europe, following the recent establishment of our offices in Amsterdam and Paris.”
Torus Insurance Holdings Ltd.–launched in June 2008 in Bermuda and backed by $720 million of funding from First Reserve Corp., a private equity firm specializing in the energy sector–was initially focused on U.K. distribution of property coverage for the energy sector.
Since then, the company has expanded into by into other lines and territories–including the U.S. excess and surplus lines insurance market. Today Torus provides property, casualty and specialty insurance as well as reinsurance products to a global client base through its European, U.S. and Bermudian subsidiaries.
In February of this year, Torus announced that an equity investment of $185 million from Corsair Capital, a New York-based PE firm, put total capital over $1 billion, available to support the continued expansion of its specialty insurance and reinsurance businesses.
In today’s statement, Mr. Tobin said that Torus looks forward to “expanding the strong client and market relationships which Glacier Insurance has established.”
Todd Hart, chief executive of Glacier Group, added, “Glacier Insurance and Torus’ operations are extremely complementary and we believe this transaction will be beneficial for the Glacier Group’s clients, staff and shareholders.”
He noted that the deal would allow the Glacier Group to focus on the growth and development of its reinsurance business going forward.
The Glacier Group is a property and casualty and specialty insurance and Reinsurance group headquartered in Pfaeffikon, Canton Schwyz, Switzerland. It operates from five offices worldwide, delivering reinsurance and insurance solutions to global customers prior to the deal.