Torus to close excess liability operations – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

Torus to close excess liability operations

Torus Insurance Holdings Ltd is to close down its excess liability operations in Bermuda.

The Royal Gazette understands that senior management were holding meetings with Bermuda-based employees today and the company did not say this morning whether the closure would involve lay-offs.

According to the company's website, the Torus excess casualty team in Bermuda comprises four employees.

Torus, which has expanded rapidly since opening its doors in mid-2008, said its Bermuda office would now focus exclusively on writing reinsurance.

Torus chief executive officer Clive Tobin said: “The excess liability market has been extremely challenging for some time with continuing rate deterioration and increasing excess capacity.

“We see no near term signs of the anticipated and much needed improvement in conditions. Against this backdrop, it will be increasingly difficult to achieve the necessary scale and returns for Bermuda within an acceptable time frame.

“Our Bermuda operations will now focus solely on reinsurance and we will reallocate capital to other growing segments of our business which offer more attractive opportunities.”

The company said it will continue to offer existing liability products provided by its casualty unit in the US, specialty unit in Europe and Torus Re.

Torus, which is domiciled in Bermuda and is based at 26 Reid Street, has more than 500 employees in 13 offices worldwide. It has a presence in five US cities and six European cities, with its biggest operation based in London and an additional office in India.

You must be Registered or to post comment or to vote.

Published March 15, 2011 at 1:00 pm (Updated March 15, 2011 at 1:38 pm)

Torus to close excess liability operations

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon