Torus Acquires First Sealord Surety

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.

Antonio C. Albanese has been appointed senior VP, head of Surety. Albanese has more than 26 years of experience in the insurance industry, joining Torus from Selective Insurance, where he led the Surety and Fidelity Unit, Torus says.

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