Montpelier buys renewal rights
Bermuda-based reinsurer Montpelier Re has bought the renewal rights of fellow Bermuda insurer Torus’ catastrophe reinsurance book of business, the companies announced today.
Terms were not disclosed.
Torus said the agreement, which takes immediate effect, will also see it provide sidecar capacity to Montpelier, effective January 1, 2012.
Torus chief executive Clive Tobin said the deal would enable the company to focus on insurance and niche reinsurance while still participating in catastrophe reinsurance through the sidecar arrangement.
Christopher Harris, president and CEO of Montpelier commented: “The acquisition of these renewal rights and accompanying sidecar capacity further enhances our position in one of our core markets at a time when conditions are visibly improving.”