The move will see Sideris Re assumed into the Torus operations as First reserve looks to bolster its underwriting operations particularly in the energy markets.
Mark McComiskey, Managing Director, First Reserve Corporation said: “The amalgamation of our insurance operations, under the management of Torus, is a logical step for all parties.”
Under the plan Sideris Re Holdings (Sideris Re), which owns a Bermudian class 3 reinsurer and provides the capital supporting Lloyd’s syndicate 2243 will be amalgamated within Torus Insurance Holdings, which was established in 2008 with $720 million of capital backing from First Reserve Corporation.
First Reserve said the addition of Sideris Re will increase Torus’ capital by around $79 million. The merger has already received relevant regulatory approval for the change of ownership, it added.
Syndicate 2243 writes a worldwide portfolio of upstream and offshore energy risks as well as non-US and Canadian onshore business. This business is written under an agreement with Starr Managing Agents Limited.
Clive Tobin, Torus’ Chief Executive said: “Sideris’ business complements our own existing energy portfolio, increasing our underwriting flexibility and underlining a growing commitment to serving clients in this sector.”