Torus has reached an agreement with Montpelier Reinsurance Ltd. to sell the renewal rights of its property catastrophe reinsurance book of business with immediate effect. Montpelier Re is the Bermuda reinsurance subsidiary of Montpelier Re Holdings Ltd., a provider of short-tail reinsurance and other specialty lines. Under the agreement, Torus also will provide sidecar capacity to Montpelier, effective Jan. 1, 2012.
“Torus’ strategy remains to build a global specialty insurer with niche exposure to reinsurance,” said Clive Tobin, chief executive of Torus. “With the continued expansion opportunities we see in our insurance operations, along with our modest ambitions for niche reinsurance, we have determined it is more effective for our catastrophe reinsurance business to be integrated into the larger Montpelier portfolio, and for us to continue our catastrophe reinsurance participation through a sidecar arrangement.”
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