London-based specialty insurer Torus has acquired First Sealord Surety (Villanova, Pa.), which, along with the launch of Torus Surety, signals its entry. The transaction is expected to be finalized in January 2012, pending regulatory approval. “As part of Torus’ specialty strategy we have been evaluating the surety markets in the U.S. and Latin America for some time and we see excellent profitable growth opportunities,” Clive Tobin, Torus Group Chief Executive, says in a statement. “As an established surety business in the U.S. with over 300 agents and brokers throughout America, First Sealord presents a tremendous platform from which to advance Torus’ development in this area and across all of our specialty lines.” Naveen Anand, Torus Americas chief executive, says that after the transaction closes "we will act quickly to fully integrate First Sealord with Torus’ current operations.” Torus Surety will provide contract surety in the U.S. to small and mid-size construction contractors. It also plans commercial surety products both in the U.S. and emerging markets such as Latin America.
“Torus is already in the construction, property and energy business in Latin America through our various legal entities. With the addition of surety capability we see great prospects to expand our business on all fronts with a particular focus on Brazil, which is an exciting and growing market,” Anand adds. Antonio C. Albanese has been appointed Senior Vice President, Head of Surety for Torus. He led the surety unit at Selective Insurance beforehand.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio