Torus has announced that it has received approval from the UK Financial Services Authority and Lloyd’s to launch a managing agency, Torus Underwriting Management Limited - TUML.
TUML assumes management of Torus Syndicate 1301, which Torus acquired in 2011, with immediate effect.
While the change will have no implications for the company’s reinsurance operations, Torus chief executive Dermot O’Donohoe said: “forming a Lloyd’s managing agency has been a key strategic objective for Torus. As the world’s foremost specialist insurance market, Lloyd’s is a key platform and having our own managing agency completes the necessary and scalable infrastructure to operate as a leading specialty insurer.”
Clive Tobin, also a chief executive at Torus, added: “[this] announcement marks another important milestone for Torus. Launching a stand-alone Lloyd’s managing agency is a significant achievement to have accomplished in just over four years of operation.”
Torus, Lloyd's, UK, managing agency