Specialty insurer Torus has entered into agreement with Israel's Clal Insurance Enterprises to acquire London-based Lloyd’s Syndicate 1301 and its corporate members Broadgate Underwriting and Broadgate Underwriting 2010.
Broadgate specialises 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.
Subject to approval by Lloyd’s, the acquisition will enable Torus to write specialty business in Lloyd’s effective form 1 January 2012.
Torus said it will retain Broadgate’s current team of underwriters, claims handlers and syndicate management under the direction of active underwriter, Bob Katzaros.
Katzaros said 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.
With 600 employees in 13 offices worldwide, Torus offers a diversified and growing range of property, casualty and specialty insurance, as well as reinsurance products, to a global client base through its European, US and Bermudian based insurance subsidiaries.