London-based unit will write international D&O, PI and others
Torus UK has entered the Financial Lines marketplace in London through a newly formed underwriting agency Torus Executive Risks (TER).
TER, which is a joint venture with Nexus Underwriting Ltd will be led by the CEO of Nexus, Colin Thompson, an experienced London market Financial Lines underwriter.
TER will underwrite on behalf of Torus Insurance (UK) Ltd, which is rated A- by A.M Best, and will provide policy limits up to £10m per risk in the product lines of Directors and Officers Liability, Bankers Blanket Bond, Professional Indemnity, Pension Trustee Liability, Employment Practices Liability and Public Offering of Securities Insurance.
Colin Thompson is joined on the board of TER by Dermot O’Donohoe, (Chief Operating Officer of Torus Europe), Hugh Morland (formerly CEO of Marsh's FINPRO operations in London and CEO of CNA Insurance Company (Europe) Limited) and Ian Whistondale (formerly of Whistondale & Partners) who will serve as Chairman.
Dermot O’Donohoe said: “This is an exciting development for Torus which provides us with an innovative springboard into the Financial Lines arena with partners with a proven track record in this sector. We expect TER to be integral to Torus’ ongoing development”.