Torus to act as Montpelier sidecar after selling property cat renewal rights
Torus will only write property catastrophe reinsurance business as a sidecar after agreeing a deal to sell the renewal rights on its portfolio to Montpelier Re.
The transaction sees private equity-backed Torus transfer renewal rights to the property cat specialist reinsurer on the book it acquired from New Castle Re in early 2009 with immediate effect.
As part of the agreement Torus will also provide an unspecified amount of sidecar capacity to Montpelier from 1 January 2012, as it continues...
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