Best Sees No Ratings Change from Torus, Sideris Re Merger

December 10, 2009

A.M. Best Co. indicated that its ratings of Bermuda-based Torus Insurance Holdings Limited and its operating subsidiaries remain unchanged following the contribution of Sideris Re Holdings Ltd (SRH) to Torus by First Reserve Corporation (the sole shareholder of Torus) [See IJ web site –].

SRH owns 100 percent of First Reserve Corporate Member Limited (to be renamed Torus Corporate Capital Limited), which provides 100 percent of the underwriting capacity of Lloyd’s Syndicate 2243.

Best noted that “although this transaction represents a departure from the group’s original plans for 2009-2010,” it nonetheless “believes that the consolidated risk-adjusted capitalisation of Torus will remain strong.

“The transaction includes the transfer of $79 million of capital to Torus, which is sufficient to support syndicate 2243’s agreed capacity for 2010 of £43 million [$70 million]. Syndicate 2243 writes a joint book of energy business with Lloyd’s Syndicate 1919, with a 22 percent share of syndicate 1919’s international onshore energy business and a 38.875 percent quota share of syndicate 1919’s worldwide offshore energy book. Both syndicate 2243 and syndicate 1919 are managed by Starr Managing Agents Limited.”
Source: A.M. Best –

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