Torus Merges With Sister Company Sideris Re

Torus, the global specialty insurer, said its parent, First Reserve Corp., has agreed to consolidate its other major insurance vehicle, Sideris Re, within Torus Insurance Holdings.Sideris Re Holdings is a joint venture between First Reserve and C.V. Starr & Co., according to the company's Web site. Sideris Re owns a reinsurer in Bermuda and provides the capital supporting Lloyd's Syndicate 2243, which writes a worldwide portfolio of upstream and offshore energy risks as well as non-U.S. and Canadian onshore business. This business is written under an agreement with Starr Managing Agents Ltd.First Reserve created Torus in 2008 with $720 million in capital.With the merger, Sideris Re will add about $79 million to Torus' capital. Syndicate 2243's agreed capacity for 2010 is 43 million pounds ($70 million), A.M. Best Co. said.Sideris complements Torus' existing energy portfolio, increasing its underwriting flexibility and underlining a commitment to that sector, Clive Tobin, chief executive office of Torus, said in a statement. Attempts to reach company officials for comment were not immediately successful.Last month, Torus Re, the reinsurance arm of Torus, entered the casualty reinsurance treaty business with the appointment of David Whiting as senior casualty reinsurance underwriter (BestWire, Nov. 16, 2009). The company also expanded its onshore energy team with two new hires (BestWire, Nov. 9, 2009).Torus's current Best's Financial Strength Rating of A- (Excellent) will not be changed by the transaction, A.M. Best Co. said.(By Meg Green, senior associate editor, BestWeek: [email protected])