NU Online News Service, June 9, 2:30 p.m. EDT
Bermuda-based Torus Insurance Holdings Ltd., said Torus Specialty Insurance Inc., its U.S. entity, now has authority to write surplus lines in 42 states.
This follows the recent confirmation of its license to write property and casualty business in the State of Delaware and the affirmation of Torus Specialty's A- (excellent) financial strength rating by AM Best, the company said.
Torus Specialty's U.S. operation is headquartered in Jersey City, N.J., and will initially focus on general property, onshore energy and construction, the company said. Before the end of the year, however, Torus explained it anticipates offices opening in Atlanta, Chicago, Houston and the West Coast, and expects to offer further lines of business in the coming months.
Led by Bob Klepper, Torus Specialty consists of an eight-member team working in general property. Reporting to Mr. Klepper is Steve Fomchenko, Torus' global head of general property, who joined in December 2008.
Mr. Fomchenko commented, "I am very excited to build a property team at Torus that effectively utilizes Torus' analytical resources to assist clients and their brokers to manage their cost of risk."
He added that today's market seeks diversification on programs and "our underwriting approach allows flexibility, providing the platform for us to develop a range of products and services that clearly demonstrate the benefits of Torus' innovative approach."
Mr. Klepper added, "Torus has quickly expanded from its initial focus on energy risks. The ongoing recruitment of experienced and respected underwriters such as Steve, demonstrates that we are indeed diversifying successfully on both sides of the Atlantic."
He said Torus plans to bring the benefits of its investment in analytical underwriting systems in developing long term relationships with clients "based on a deeper understanding of the risks to their business. Alongside our property offering, we already have casualty expertise and will look to develop our range of services in financial, professional and other specialty risk areas in the months and years ahead."
Torus provides specialty property and casualty insurance and reinsurance products including, energy, power, utility and construction as well as other highly engineered risk classes through its U.K., U.S. and Bermuda-based insurance subsidiaries.
Torus said it has capital in excess of $700 million provided by First Reserve Corporation.
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