Torus JV launches PI operation in London
NEWLY launched Torus Executive Risks has recruited David Robinson as it makes its first foray into the professional indemnity sector.
TER is a joint venture underwriting agency between Bermudian specialty insurer and reinsurer Torus and Nexus Underwriting Ltd.
Robinson, an experienced professional indemnity figure with more than 20 years experience, joins the operation from Mitsui Sumitomo Insurance Group’s syndicate 3210 where he was class underwriter for professional liabilities.
His career also encompasses stints at DA Constable syndicate 386 and BP Theakston syndicate 1101.
TER chief executive Colin Thompson, himself an experienced London market financial lines underwriter and also chief executive of Nexus, explained: “David is a recognised market leader. His hiring marks our entry into the professional indemnity market and complements our stated strategy of attracting the top performers into our respective product areas to provide the products and services our policyholders and brokers need.”
Robinson said: “Brokers and policyholders have suffered a significant dislocation in the PI market. TER’s entry counteracts this. There are both short term and longer term opportunities to establishing a strong new direction for the PI market. Leveraging the success to date, Torus Executive Risks’ PI platform aims to be recognised as the market’s new point of reference.”
Launched in April TER underwrites on behalf of Torus Insurance UK. It has signalled its intention to target the product lines of directors and officers liability, bankers blanket bond, professional indemnity, pension trustee liability, employment practices liability and public offering of securities insurance.
Torus has been undergoing rapid expansion this year. As well as completing its acquisition of Glacier Insurance last month, it has entered into the healthcare and renewable energy sectors, strengthened its London-based power & utilities and UK property teams, opened an office in San Francisco to better serve western US clients and unveiled plans for a Paris office.
In February Torus received an additional equity investment of $185m to help fulfil its growth plans (Insuranceday.com, Feb 22)
