Torus, a specialty insurer, has acquired First Sealord Surety Inc. to augment the development of a new platform, Torus Surety. The transaction is expected to be finalized in January 2012, pending regulatory approval.
Torus says its new platform will focus on providing contract surety in the United States to small- and mid-size construction contractors. In time, the operation will also offer commercial surety products. Torus will seek to develop contract surety business in key emerging markets throughout Latin America, and this will be done through Torus’ admitted reinsurer in Brazil and the company’s other licenses in the region.
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