AM Best takes Torus off negative outlook
On the back of continuing improved performance, rating agency AM Best has revised the outlook of specialty insurer Torus to stable from negative.
The rating agency also affirmed Torus’ ‘A-’ financial strength rating, reflecting its “recognition and expectation of continuing improved performance and the operational support of Enstar and Stone Point Capital”.
“The group's (Torus) consolidated historical financial performance has been weak with underwriting losses reported in each year since 2010. However, a pre-tax profit was achieved in 2014, and performance over 2014 and 2013 has been broadly in line with AM Best's expectations,” said the rating agency.
“Nevertheless, AM Best believes that achieving sustainable profitable results will be challenging given the strong competition in Torus' main business lines,” it added.
Nick Packer, chief executive officer and chairman of Torus, said: “We are extremely pleased that AM Best’s review has concluded with a revision of Torus’ outlook to stable, and affirmation of our AM Best ratings. It endorses the success of the new management team and our commitment to transform Torus into a sustainable and efficient underwriting platform that has delivered improved financial performance.
“Our focus remains ensuring that we drive continuous improvement across the Torus Group and that our clients and shareholders continue to benefit from the foundations that have been put in place.”
