Looking to round out its specialty business, Bermuda-based
Torus says acquiring the London-based syndicate will provide it with the ability to underwrite in Lloyd’s and write a wider portfolio of specialty business. Broadgate specializes in a range of niche short-tail business across several product lines, including accident and health, property direct and facultative, property treaty, specie, property schemes and bloodstock. Torus says it will retain Broadgate’s current team of underwriters, claims handlers and syndicate management under the direction of Active Underwriter Bob Katzaros.
“The Broadgate team is highly experienced and we see excellent opportunities to link their products and distribution with Torus’ current product offerings in the U.S. and Europe,” said Clive Tobin, group chief executive of Torus. “There is a strong strategic and cultural fit, and we look forward to working with the team to further client and market relationships.”
Katzaros noted the symbiotic nature of the deal: “This agreement aligns two complementary insurance platforms and will allow the Broadgate team to continue augmenting its specialty capabilities as part of Torus’ growth plans in this area.”
