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.