Company ends turnkey deal with Chaucer to manage its own syndicate

Lloyd's building

Lloyd’s insurer Torus has set up a managing agent to manage its single syndicate.

The new managing agent, Torus Underwriting Management Ltd (TUML), has replaced the existing ‘turnkey’ syndicate management arrangement with fellow Lloyd’s player Chaucer.

Under turnkey arrangements, a well-established Lloyd’s player manages start-up syndicates on behalf of the owners until they are able to set up their own managing agencies.

TUML will be headed by managing director Dominic Kirby.

Torus acquired its Lloyd’s syndicate, Syndicate 1301, in September 2011. The syndicate was formed in 2000.

Torus International chief executive Dermot O’Donohoe said: “Forming a Lloyd’s managing agency has been a key strategic objective for Torus. Having our own managing agency completes the necessary and scalable infrastructure to operate as a leading specialty insurer.”

Kirby said: “Establishing a Lloyd’s managing agency is a complex process, especially now with the requirements of the Solvency II environment. We appreciate the efforts of Lloyd’s and the FSA, which worked closely with us through the approval process and look forward to furthering Torus’ specialty offering around the world as a fully integrated Lloyd’s operation.”

Torus group chief executive Clive Tobin added: “Launching a stand-alone Lloyd’s managing agency is a significant achievement to have accomplished in just over four years of operation.”