First Reserve amalgamates insurance operations under Clive Tobin
First Reserve Corporation has merged Torus with its other major insurance investment vehicle, Sideris Re.
Sideris Re owns a Bermudian class 3 reinsurer and provides the capital supporting Lloyd’s syndicate 2243. It will be amalgamated within Torus Insurance, which was established in 2008 with $720 million of capital backing from First Reserve Corporation. The addition of Sideris Re will increase Torus’ capital by around $79 million.
The merger has received relevant regulatory approval for the change of ownership.
Syndicate 2243 writes a worldwide portfolio of upstream and offshore energy risks as well as non-US and Canadian onshore business. This business is written under an agreement with Starr Managing Agents Limited.
Commenting on the merger Mark McComiskey, Managing Director, First Reserve Corporation said: "The amalgamation of our insurance operations, under the management of Torus, is a logical step for all parties."
Clive Tobin, Torus’ Chief Executive said: "Sideris’ business complements our own existing energy portfolio, increasing our underwriting flexibility and underlining a growing commitment to serving clients in this sector."