COMPANY OVERVIEW 2014 - StarStone Insurance · service company approval to write business locally...

COMPANY OVERVIEW 2014

CONTENTS

02 OVERVIEW

03 PRODUCT LINES

05 BUSINESS REVIEW

06 LEADERSHIP TEAM

07 BUSINESS HIGHLIGHTS

09 KEY MILESTONES

11 GLOBAL BRANCH NETWORK

Globalisation has led to new challenges for companies that trade goods and services around the world.

Torus has the industry specialists and flexibility as a company to meet the changing needs of today’s market, enabling businesses large and small to operate in a global economy.

01 Company Overview 2014 For more information visit torus.com

OVERVIEW

Company Overview 2014 02For more information visit torus.com

MULTINATIONAL

Operating in the world’s leading marketsTorus is a global specialty insurer operating in Lloyd’s, the London market, Continental Europe and the U.S.

SPECIALTY

Specialty insuranceTorus provides specialty solutions to both large multinational and small and middle-market clients. Through six wholly-owned insurance platforms, Torus has licences to serve a global client base.

SECURE

Financial strengthTorus is rated A- (Excellent) by A.M. Best. For business written through Torus Syndicate 1301, Lloyd’s is rated A+ by Standard & Poor’s, AA- by Fitch Ratings and A (Excellent) by A.M. Best.

A GLOBAL SPECIALTY INSURER

PRODUCT LINES

INSURANCE PLATFORMS

Torus Insurance (UK) LimitedUK insurer regulated by the PRA and FCA.

Torus Insurance (Europe) AG Liechtenstein-based European specialty insurer, FMA regulated.

Torus Syndicate 1301Lloyd’s Syndicate managed by Torus Underwriting Management Limited (“TUML”). TUML is a Lloyd’s managing agency, authorised and regulated by the PRA and FCA.

INTERNATIONAL

Products written via the London market, Continental Europe and Torus Syndicate 1301

SpecialtyAccident & HealthAviation & SpaceMarine: Cargo, Hull, Liabilities, SpecieManagement & Professional LiabilityWar & Terrorism

PropertyConstructionOnshore EnergyPower & UtilitiesProperty, Direct & FacUpstream & Offshore Energy

CasualtyEuropean CasualtyInternational Excess

UNITED STATES

Products written locally in the U.S. via Torus’ admitted and excess & surplus lines carriers

SpecialtyHealthcareManagement & Professional LiabilityWorkers’ Compensation

CasualtyUmbrella & Excess

eCommerceAllied HealthcareCommercial E&OEquipment Floater Excess Casualty

INSURANCE PLATFORMS

Torus can offer products on an admitted and/or excess & surplus lines basis in all 50 states.

Torus Specialty Insurance CompanyU.S. excess & surplus lines insurer and Brazilian admitted reinsurer.

Torus National Insurance CompanyU.S. admitted markets insurer.


Business written through Torus Syndicate 1301

Business written through U.S. online broker portal, ESCAPE

SPECIALTY

Marine: Cargo, Hull, Liabilities, Specie $142.2m

Aviation & Space $107.7m

Management & Professional

Liability $96.7m

Healthcare $54.1m

War & Terrorism $19.5m

Accident & Health $13.6m

Other Specialty $32.8m

PROPERTY

Property, Direct & Fac $98.5m

Construction $72.6m

Upstream & Offshore Energy $65.2m

Onshore Energy $34.7m

Power & Utilities $22.3m

CASUALTY

Casualty $60.4m

ECOMMERCE

eCommerce $56.8m OTHER

Other $6.0m

Company Overview 2014 04 For more information visit torus.com

GROSS WRITTEN PREMIUM BY PRODUCT LINE (USD million)as at December 31, 2013

TOTAL$883.1m

BUSINESS REVIEW

05 Company Overview 2014

With the launch of our Lloyd’s Managing Agency and the completion of the acquisition by Enstar and Stone Point, Torus now operates from an expanded platform as part of a wider and well-diversified insurance group.

We are delighted to have secured Torus’ future as part of Enstar. Enstar is a financially strong and secure company with proven operational excellence and access to significant capital, and in partnership with Stone Point Capital, a best in class investor, Torus is now in a solid position for the long-term. Becoming part of Enstar Group is a very positive development for the Torus franchise. Enstar and Stone Point bring extensive insurance industry expertise and with the enhanced management team we now have in place, Torus is looking to a successful future.

The focus now is on cementing Torus’ position in the key markets in which we operate, with the strategy to selectively underwrite our chosen specialty lines where we believe we can operate with competitive advantages, focusing on balancing risk exposures and selective organic growth.

The Torus Executive Committee

TORUS CONTINUES TO MAKE SIGNIFICANT STRIDES TOWARDS BECOMING A LEADING SPECIALTY INSURER IN EACH MARKET WE SERVE. DURING THE COMPANY’S FIFTH FULL YEAR IN BUSINESS, WE LAUNCHED A LLOYD’S MANAGING AGENCY AND ATTRACTED LONG TERM STRATEGIC INVESTORS IN ENSTAR GROUP AND STONE POINT CAPITAL.

Company Overview 2014 06

LEADERSHIP TEAM

Nicholas A. PackerGroup Chief Executive Officer and Chairman

EXECUTIVE COMMITTEE

John F. Shettle, Jr.Group Vice Chairman; Interim Chief Executive Officer, U.S.

Demian SmithChief Executive Officer, International

David MessageChief Underwriting Officer, International

Patrick TiernanGroup Chief Operating Officer

Gareth NokesGroup Chief Financial Officer

Richard EtridgeCOO, Continental Europe; Head of Aviation

Mark SiomaHead of Management & Professional Liability

MANAGEMENT TEAM

Tim FillinghamCEO, Torus Insurance (UK) Limited

Robert HeraldHead of Healthcare

Jeff WanamakerHead of Workers’ Compensation

Rob PowellChief Claims Officer

Linc TrimbleHead of eCommerce and Excess Casualty

Dominic KirbyManaging Director, Torus Underwriting Management Limited

Products

Torus’ underwriting practice leaders are recognised market leaders valued for their technical expertise and extensive industry knowledge. Specialist sector experience across all divisions throughout the Group supports continued innovation and bespoke product development.

Distribution

With an international branch network, Torus continues to strengthen its local and transnational offerings through an increasing broker and customer distribution base, building strong, long-term partnerships across both traditional and key growth markets.

Lloyd’s

The successful acquisition of Syndicate 1301 in 2011 extended Torus’ specialty product base and strengthened its distribution capabilities. Torus Underwriting Management Limited, a wholly-owned Lloyd’s managing agency, was launched March 28, 2013. For the 2014 underwriting year, stamp capacity for the Syndicate has increased to £180million and Torus extended its Lloyd’s product offering to include Excess Casualty and U.S. Healthcare. In addition, Torus Insurance Marketing Limited received service company approval to write business locally in Continental Europe on behalf of Syndicate 1301. Torus U.S. Intermediaries Inc. has service company approval to write Healthcare business locally from Jersey City.

BUSINESS HIGHLIGHTS

Claims

Torus differentiates itself by claims service; it is deeply embedded within the Torus brand. Willingness to pay Paying covered claims quickly is important to Torus as well as our clients; our track record supports this fundamental principle.

Decision makers All members of the Torus claims team are empowered to make decisions. This facilitates rapid and equitable settlement as well as consistency in the handling of every claim.

Skill matching Torus works to ensure claims reach the right claims handler from first notice of loss. Claims segmentation ensures the team focuses on technical excellence as well as economical, fast-track claims handling.

Transparency Key to Torus’ approach to claims management, claims-paid activity and potential exposure updates are given to management and underwriting in real-time. This ensures:1. No financial surprises in the short-term;

2. Accurate provisions are made for longer-tail claims;

3. Lessons are learned from major market claims.

From a client perspective where large claims are defining moments, Torus strives to ensure that all relevant facts and decision points are effectively and promptly communicated. Cutting-edge claims management Torus uses Guidewire ClaimCenter®, a global claims management system that supports Torus’ entire product suite. A key differentiator, Guidewire ClaimCenter® standardises the claims handling processes to deliver enhanced claims efficiency and improved speed and accuracy of claims payments for Torus customers worldwide.


FOR TORUS, SPECIALTY INSURANCE IS THE ABILITY TO OFFER INNOVATIVE SOLUTIONS TAILOR-MADE TO THE NEEDS OF OUR CLIENTS AND THEIR BROKERS, DESIGNED TO ADAPT TO THEIR CHANGING NEEDS AND FINANCIALLY DELIVERED BY A SECURE, LONG-TERM INSURANCE PARTNER.

eCommerce

Launched in 2010, Torus’ state-of-the-art online broker portal, ESCAPE, offers a fast and cost-effective quote-to-bind-to-issue solution for brokers serving small and middle-market business in the U.S. Originally launched to write Excess Casualty business, ESCAPE has been developed to also write small allied Healthcare, Commercial E&O and Equipment Floater business, receiving market recognition for its development as a Celent Model Insurer and Finalist for MarketScout’s Entrepreneurial Insurance Award. Torus is also harnessing the technology behind ESCAPE for our MGA partners in Europe, initially for SME PI and D&O business written in The Netherlands. A wider roll-out across Europe is planned during 2014.

Torus was originally conceived with a focus to write large, site specific and unique risks – those where underwriting performance would be improved by a data-driven approach and extensive knowledge of the underlying asset. A technical focus remains core to all business lines, a philosophy in line with Torus’ overall ambition to both complement and develop the markets in which we operate.

ESCAPE Gross written premium (USD million)

Torus is recognised by leading research and consulting firm, Celent, as a 2012 Model Insurer for the development of ESCAPE.


YE2010 $0.9m

YE2011 $10.8m

YE2012 $28.5m

YE2013 $56.8m

23 JUNETorus opens for business

with operations in London and Bermuda

2008

2011

2012

2010

02 JUNEU.S. Property and Casualty platform opens 16 JUNECore operations centre opens in Gurgaon, India 07 SEPTEMBERGlobal Specialty division launched

09 DECEMBERMerger with Sideris Re completed (Lloyd’s Syndicate 2243)

2009

01 JANUARY Torus opens for business in

Continental Europe

04 MAY Torus acquires Glacier Insurance AG; extends

European presence

11 OCTOBERTorus launches online

broker portal, ESCAPE, for small and middle-market

business in the U.S.

20 SEPTEMBER Torus acquires Lloyd’s Syndicate 1301

05 DECEMBER C.V. Starr Continental Europe renewal rights acquired

31 JULY Lloyd’s managing agency

approved in principle; Torus Underwriting

Management Limited launched March 28, 2013

KEY MILESTONES


2013/14

Long-term financial strength

• Both Enstar and Stone Point are financially secure and have access to significant capital.

− Enstar has significant financial resources (shareholders’ equity at December 31, 2013 of USD 1.8 billion) and as a public company, Enstar has access to multiple capital markets.

− Stone Point is a best-in-class private equity firm with a significant focus on the re/insurance industry, with aggregate committed capital of USD 9 billion.

• Both Enstar’s and Stone Point’s focus is to deliver stability and profitability over the long-term.

Ongoing operations

All Torus policies and relationships remain unchanged and Torus continues to operate through the Group’s insurance platforms across London, Lloyd’s, Continental Europe and the U.S.

Both Enstar and Stone Point have a proven track record in building strong and profitable insurance businesses. As a subsidiary of Enstar in partnership with Stone Point, Torus now benefits from their strategic and operational support as well as financial backing.


Torus provides Enstar with a large, international A- rated group of companies which diversifies Enstar into the active market and enhances the opportunities available to our core legacy business. Partnering with a selectively chosen group of underwriters opens up great opportunities, and a well-managed active book of business will produce another stable source of income and cash flow. Enstar’s management team has prior experience working with Torus and we also have substantial experience working with Stone Point. Collectively, the expertise of Enstar, Stone Point and Torus are very complementary and these synergies provide a solid foundation for future success.

ENSTAR GROUP/STONE POINT CAPITAL ACQUISITION

April 1, 2014: Torus is acquired by Enstar Group Limited together with the Trident Funds managed by Stone Point Capital.

“

”

Dominic Silvester Chief Executive Officer, Enstar Group

08 MAYDowling Capital Partners buys into Torus with a circa USD 8 million investment in Bayshore Holdings. Bayshore Holdings is the holding company of Torus Insurance Holdings Limited and its operating subsidiaries. It is owned 59%, 39.3%, and 1.7% by Enstar, Stone Point Capital and Dowling Capital Partners respectively.

2014


London

Rotterdam

Paris

Zürich

Cologne

Schaan

Gurgaon

Milan

Jersey CityChicago

Seattle

Hamilton

Chicago 190 South LaSalle, Suite 2025, Chicago, IL 60603, USAt: +1 (312) 873 7100

Jersey City Harborside Financial Center, Plaza 5, Suite 2600, Jersey City, NJ 07311, USA t: +1 (201) 743 7700

Seattle1501 4th AvenueSuite 2600SeattleWA 98101t: +1 (206) 269 8500

Hamilton 26 Reid Street, Hamilton HM11, Bermuda t: +1 (441) 295 6722

Gurgaon*Pegasus 1 DLF, Golf Course Road, Sector 53, Gurgaon, Haryana, Indiat: +91 124 674 7000

Torus Underwriting Management Limited88 Leadenhall StreetLondon, EC3A 3BP, UKt: +44 (0)20 3206 8000

UNITED STATES INDIA

Cologne Spichernstrasse 8, 50672 Cologne, Germanyt: +49 (0)221 952 700

London 88 Leadenhall St.,London, EC3A 3BP, UK t: +44 (0)20 3206 8000

MilanVia Matteo Bandello n. 1, 20123 Milan, Italyt: +39 02 4363 3911

Paris 42 rue de Bassano 2ème étage, Paris 75008, Francet: +33 (0)1 56 89 87 00

RotterdamBeurs-World Trade Center, Office 659, 6th Floor, Beursplein 37, 3001 DD Rotterdam, Netherlandst: +31 (0) 10 224 4700

Schaan Zollstrasse 82, 9494 Schaan, Liechtenstein t: +423 239 98 98

Zürich Genferstrasse 35,8002 Zürich, Switzerland t: +41 (0)44 560 7900

EUROPE

GLOBAL BRANCH NETWORK

* Core operations centre

LLOYD’SBERMUDA

Torus Annual Report 2012 12

SCAN FOR

ELECTRONIC

VERSION

Europetorusinsurance.com/Europe United Statestorusinsurance.com/US Lloyd’storusinsurance.com/TorusLloyds

2340/180814

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COMPANY OVERVIEW 2014 - StarStone Insurance · service company approval to write business locally...

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