Torus Acquires CV Starr Renewal Rights

Torus, a specialty insurer, and Starr Underwriting Agents Ltd. have entered into an agreement whereby Torus Syndicate 2243 will acquire the renewal rights to CV Starr Syndicate 1919’s continental European marine, casualty and financial lines, and general property business, effective Jan. 1, 2012. Both Torus Syndicate 2243 and CV Starr Syndicate 1919 are managed by Starr Managing Agents Ltd.

Torus says that, as part of the agreement, the majority of the continental European-based employees will transfer from Starr Underwriting Agents Ltd. to Torus Insurance Marketing Ltd., which is an authorized cover-holder on behalf of Syndicate 2243. Torus also will be appointed as cover-holder for Syndicate 1919 by Starr Managing Agents Ltd. with respect to the transferring business lines, subject to regulatory approval. This ensures all relevant business previously insured by Syndicate 1919 and the business being renewed into Syndicate 2243 will be handled by the same underwriting and claims teams in Paris, Cologne, Rotterdam and Milan.

The transaction and Syndicate 2243’s business plan for 2012 has been approved by Lloyd’s, incorporating the transfer of business from Syndicate 1919, says Torus. Starr Managing Agents Ltd. will remain responsible to Lloyd’s for the execution of the business plan and the management of Syndicate 2243 as well as Syndicate 1919. To ensure continuity for clients, all Jan. 1, 2012, renewals will continue to be written by CV Starr Syndicate 1919.