Up to four underwriters to cover Europe

Torus Insurance Holdings is headhunting a Directors & Officers (D&O) team for its UK, continental European, US and Bermudan business.

Torus chief executive Clive Tobin said he expected teams of three or four key underwriters in continental Europe and the UK, “and double that number in the US”. He said the company would then evaluate its presence in Bermuda.The UK team would be based in the company’s Leadenhall Street offices.

Tobin added that he was not dissuaded from entering the D&O market. “D&O insurance has delivered solid returns, provided you have a balanced book by market segment and by geography,” he said.

He said that Torus would specialise in executive liability (Side A) cover and would not rule out insuring financial institutions. “We just have to make sure that we have a balanced book. The key to D&O is that you are not exposed to large limits.”