Enstar and Stone point Capital entire Torus Acquisition

Enstar group restrained and Stone point Capital LLC introduced the final touch of the acquisition of world strong point insurer, Torus insurance Holdings restrained, initially agreed to in July 2013.

The announcement added that Torus has also appointed Patrick Tiernan as govt Director and chief monetary Officer pick, and Walker Rainey as a Non-govt Director

Tiernan joins the board of Torus and could be successful current chief economic Officer, Tim Harris, beginning in can also. He has over 16 years of experience within the coverage commercial enterprise, with the beyond 10 years at Zurich coverage organization wherein he maximum currently served as CEO of Zurich’s Centrally controlled groups.

Rainey additionally joins the Board, bringing to Torus his over 30 years of experience within the insurance industry, including eight years as dealing with Director of Alterra Capital Europe Ltd, and eleven years as CFO of XL Europe restrained.

Torus’ CEO Dermot O’Donohoe, who changed Clive Tobin as CEO concurrently with the purchase declaration, described becoming a part of Enstar as a “very tremendous development for Torus.  Enstar and Stone point are lengthy-time period, excellent-in-class investors within the insurance industry and bring sizable understanding to Torus.  We sit up for a sturdy and a hit future.  For our customers and dealer companions, it is business as traditional as we seamlessly transition into the Enstar organization, and we sit up for persevering with to provide extraordinary merchandise and provider.”

earlier this year O’Donohoe spoke to the IJ approximately the changes the acquisition will imply for Torus and its plans for the destiny.

Nick Packer, CEO of Bayshore Holdings Ltd., the instantaneous parent of Torus, said: “With nowadays’s final, we are excited to begin a new chapter for Torus.  collectively with the Stone point and the Torus teams, we are hitting the floor strolling as we work to reap our desires.”

Packer is Joint COO of Enstar and leads its underwriting, claims, and reinsurance operations.  He co-founded Enstar, a challenge that started out within the early 1990s, with Dominic Silvester and Paul O’Shea.