Commercial lines specialist, Torus, is acquiring Glacier Insurance AG, a Liechtenstein-based subsidiary of the Glacier Group that comes with a portfolio of aviation, space, property, energy, war and terrorism and marine risks.
The move will see Glacier’s underwriting and operational staff join Torus, although all branch offices will be retained.
Notably, Glacier Insurance chief executive, Richard Etridge, will become a member of the Torus management team, assuming the post of chief operating officer for Continental Europe, as well as global head of aviation.
Commenting on the acquisition, Torus’ chief executive, Clive Tobin, says: “The insurance operations of Glacier have a strong strategic, technical and cultural fit with Torus and thus present a unique opportunity to accelerate our growth strategy in Europe, following the recent establishment of our offices in Amsterdam and Paris.”
He adds: “Along with additional products and capacity from Torus we look forward to expanding the strong client and market relationships which Glacier Insurance has established.”
The transaction is expected to complete this month, subject to relevant regulatory approvals.
In other Torus news, the firm recently entered the London financial lines market with the formation of underwriting agency, Torus Executive Risks Limited.
The unit underwrites on behalf of Torus Insurance (UK), providing policy limits of up to £10 million per risk in the following product lines: Directors and Officers Liability; Bankers Blanket Bond; Professional Indemnity; Pension Trustee Liability; Employment Practices Liability; and Public Offering of Securities Insurance.
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