Global energy-sector insurer launches, backed by private equity firm

First Reserve Corporation has provided US$720 million to launch a new energy sector specialty insurer, Torus Insurance Holdings Limited.
Senior management of Torus has also invested personally in the new venture, a First Reserve release says.
“Torus will focus on large commercial and specialty businesses in all major markets, starting with onshore and offshore energy and other large industrial property, and move into other lines during the next 12 months,” David Hope, chief underwriting officer and acting CEO of Torus, said.
Torus Insurance (UK) Limited and Torus Insurance (Bermuda) Limited have been assigned A- (excellent) ratings from A.M. Best Co. and will start accepting risks on July 1.
Operating companies Torus Insurance (UK) Limited, based in London, and Torus Insurance (Bermuda) Limited, located in Bermuda, have now received authorization respectively from the UK Financial Services Authority and Bermuda Monetary Authority, the release says.
“We are obviously excited about the creation of the new business, the substantial investment commitment from First Reserve Corporation and the Financial Securities Authority and the Bermuda Monetary Authority authorizations,” Hope said.
“We will be looking to work with our clients and their brokers to build a business that differentiates itself through technical expertise, product innovation as well as class-leading service.”