Torus has entered into the US surety market with the launch of its Torus Surety by signing an agreement to acquire First Sealord Surety in order to augment the development of this new platform.
The company said that the transaction is expected to be finalized in January 2012, subject to regulatory approval.
Torus Group chief executive Clive Tobin said as part of Torus’ specialty strategy, the company has been evaluating the surety markets in the US and Latin America for some time and the company see excellent profitable growth opportunities.
Torus Americas CEO Naveen Anand said once the transaction closes, they will act quickly to fully integrate First Sealord with Torus’ current operations.
Torus Surety will provide contract surety to the US based small and mid-size construction contractors, offer commercial surety products and seek to develop contract surety business in key emerging markets throughout Latin America.
The new operation is lead by Antonio Albanese as a senior vice president, and head of Surety who previously worked for Selective Insurance, where he led Surety and Fidelity Unit.