Torus is a global specialty insurer with over 500 employees across 16 offices worldwide. It offers 25 product lines across property, casualty, and specialty insurance. Torus has experienced strong growth since launching in 2008, both organically and through acquisitions, with gross written premium reaching nearly $1 billion in 2011. It operates through regulated insurance companies in Bermuda, Europe, and the US, as well as two Lloyd's syndicates.

1. Overview
torus.com
Overview 2011 / 12

2. Contents
01 Who we are
02 Key facts
03 Timeline
05 Current lines of business
07 Overview of operations
09 Global office locations
13 Financial highlights
14 What we write and where we write it
15 Group Chief Executive’s message
19 Chairman’s message
21 Chief Executive’s message, Torus Americas
23 Chief Executive’s message, Torus International
25 Underwriting approach
26 Claims approach
27 Executive Committee

3. Who we are Our story Key facts
A global specialty In June 2008, Torus launched with 20
employees and two offices, one in London
insurer with a niche and one Bermuda. Initially focused on
Lines of business Industry specialists
reinsurance division writing energy and large commercial
25 key 30+ industries
technical business, the longer term vision to
build a global specialty insurer was
established with the appointment of Group
Chief Executive, Clive Tobin in October 2008.
Four years later, that vision has been
realised; Torus employs over 500 people
product lines served
across 16 offices worldwide with an
A diverse portfolio of products across Whether insuring a billion dollar oil rig or
established and diversified portfolio of
technical Property, Casualty, Specialty and the owner of a local family-run nursing
insurance products across technical Property, Reinsurance enhances opportunity as well as home, Torus’ underwriters are among the
Specialty and Casualty lines, as well as a stability; consistent returns for our investors best in the business, experienced specialists
niche Casualty and Specialty reinsurer. and financial strength for our insureds. in every industry they serve.
Now serving a global client base with over
25 lines of business diversified by risk class,
market segment and geography, Torus’
Gross Written Premium in 2011 was close to
Global reach Insurance vehicles
$1bn*. Such expansion has been achieved
16 offices 5 insurance
through the dedication of Torus’ industry
specialists, driving the business forward
through the pursuit of attractive acquisition
opportunities as well as organic growth.
Torus holds a Group rating of A- (Excellent)
worldwide companies
by A.M. Best, a rating held since launch and
Our specialist teams are located Through Bermudian, European and US
most recently affirmed November, 2011. throughout the US, Europe, Bermuda regulated insurance companies, Torus
and Latin America, with a dedicated has licences to serve a global client base.
operational hub in Gurgaon, India.
Lloyd’s syndicates Premium growth
2 Lloyd’s 60/40 organic
syndicates & acquisitions
Torus offers a variety of products through Torus’ strong premium growth results from
Syndicates 2243 and 1301. Through Lloyd’s organic growth as well as diligent pursuit of
Torus is licenced to underwrite on either a attractive acquisition opportunities. In 2010
surplus lines basis or as a reinsurer in the and 2011, approximately 40% of Torus’ Gross
US and in over 75 territories worldwide. Written Premium was acquisition based.
01 Torus Overview 2011 / 12 * All $ amounts noted in this document are USD Torus Overview 2011 / 12 02

4. Timeline
Torus has quickly established the necessary
infrastructure to be a global business.
20.09.11 05.12.11
2011 2011
Executive Committee timeline
09.10.08 28.07.09 07.09.09 Lloyd’s Syndicate 1301 CV Starr Continental
Clive Tobin Naveen Anand Dermot O’Donohoe
Appointed Group Appointed Global Chief Appointed Chief Underwriting Officer, Global Specialty Europe renewal rights
Chief Executive, Operating Officer; now Chief and Chief Executive Officer, Torus UK and Continental Torus acquires Lloyd’s Syndicate
effective 01.01.09 Executive, Torus Americas Europe; now Chief Executive, Torus International 1301, effective 01.01.12. The Torus acquires the renewal
acquisition completes the key rights to CV Starr’s Continental
platforms necessary to be a truly European business, business
global specialty insurer. now written through
Syndicate 2243.
23.06.08 18.12.08 02.06.09 07.09.09 09.12.09 01.01.10 22.02.10 06.04.10 04.05.10 08.11.11
2008 2008 2009 2009 2009 2010 2010 2010 2010 2011
Torus opens Purchase of Torus’ US Property Launch of Merger with Torus in Further capital Torus Executive Torus acquires Financial strength
for business New Castle Re and Excess Casualty Specialty division Sideris Re Continental Europe investment Risks Glacier Insurance AG affirmation
platform opens
Torus opens for business Torus acquires Torus launches its global Torus merges with Torus opens for Torus announces an Torus Executive Risks Torus acquires Glacier A.M. Best most
with offices in London selective renewal Torus’ Property and Excess Specialty division. Sideris Re Holdings business in Continental additional capital Limited, Torus’ joint Insurance AG, now recently affirms
and Bermuda following a rights and personnel Casualty platform opens Limited (Lloyd’s Europe with offices in investment from venture with Nexus Torus Insurance A- (Excellent) financial
$720m investment from of New Castle Re; for business in the US. Today, the Specialty Syndicate 2243) Amsterdam and Paris. Corsair Capital of Underwriting Limited, (Europe) AG. The strength rating of
First Reserve Corporation Reinsurance division offers insurance following First $150m, alongside opens for business. acquisition brings on- Torus Insurance
and the affirmation platform opens. Today, products are solutions across 13 key Reserve Corporation’s Today, Torus has seven further investment Specialising in financial board an experienced Holdings Limited
from A.M. Best of an offered nationwide product lines from both agreement to offices across the from First Reserve lines products, the European team, new and its operating
A- (Excellent) Group from offices in Atlanta, our Americas and amalgamate both Continent in Amsterdam, Corporation. company focuses offices in Continental subsidiaries, a rating
financial strength rating. Chicago, Houston and International offices. businesses. Cologne, Liechtenstein, on nonUS domiciled Europe and additional held since launch.
Jersey City, supported by Milan, Paris, Rotterdam insureds, offering unique Specialty product
a wholesale brokerage and Zurich. insurance products for a offerings.
office in San Francisco. broad range of business
classes.
Year end 2008 Year end 2009 Year end 2010 Year end 2011
GWP $57m GWP $265m GWP $786m GWP $918m
3 offices 7 offices 13 offices 16 offices
50+ people 200+ people 400+ people 500+ people
03 Torus Overview 2011 / 12 Torus Overview 2011 / 12 04

5. Current lines of business
Torus has developed a diverse product
portfolio serving a global client base across
both traditional and emerging markets.
Casualty Property Specialty Reinsurance KEY
European
Business written though:
Construction
Casualty and International and Power and Accident and Property
Casualty Property
Environmental Excess Engineering Utilities Health Special Risks
Treaty
Impairment Lines Torus Americas
Liability
Torus Bermuda
US Umbrella General Property Bloodstock/ Management Torus International
Property Direct and Livestock Liability Specialty
and Excess
Facultative
Syndicate 1301
Syndicate 2243
Onshore Upstream and Renewable and
Aviation
Energy Offshore Energy Select Energy
Torus Executive Risks Limited
Healthcare Space
Marine Surety
///
Professional War and
Indemnity Terrorism
Property
Schemes
05 Torus Overview 2011 / 12 Torus Overview 2011 / 12 06

6. Overview of operations
Through Bermudian, European and US
regulated subsidiaries, Torus has licences
to serve a global client base.
Torus Americas Torus International Lloyd’s Insurance vehicles
500+
Torus Americas incorporates Torus National Torus International incorporates Torus In 2009, Torus merged with Sideris Re Torus Insurance Holdings Limited is the
Insurance Company and Torus Specialty Insurance (UK) Limited, Torus Insurance Holdings Limited, a subsidiary of First holding company of seven wholly owned
Insurance Company. Naveen Anand, Chief (Europe) AG, Lloyd’s Syndicate 1301 and Reserve Corporation, enabling Torus to insurance vehicles, including two Lloyd’s
Executive, Torus Americas, leads this team Syndicate 2243. Dermot O’Donohoe, Chief write Construction business through Syndicates:
to drive the profitable growth of Torus’ Executive, Torus International, leads this Lloyd’s Syndicate 2243.
product range for all business written in team to integrate Torus’ operations across Torus Insurance (UK) Limited
North and South America. London and Continental Europe, driving the In December 2011 Torus also acquired the an FSA regulated UK business EMPLOYEES
growth of Torus’ expanding product range in renewal rights to CV Starr’s Continental
In the US, Torus can offer admitted as well all regions except the Americas and Bermuda. European Marine, Casualty and General Torus Specialty Insurance Company
16
as excess and surplus lines products in all Property business. This business is now a US excess and surplus lines insurer
50 states. The majority of business written London remains the primary source of the written through Syndicate 2243. and a Brazilian admitted reinsurer
derives from small to middle market Group’s Energy, Construction and other large
segments, which is increasingly targeted technical commercial business but the Following its acquisition in September 2011, Torus National Insurance Company
through brokers using traditional channels portfolio of business written has significantly Torus now writes Accident and Health, a US admitted markets insurer
and internet portal access. diversified into Casualty and Specialty lines Property Direct and Facultative, Property
such as Marine, Professional Lines, Space, Treaty, Specie, Property Schemes and Torus Insurance (Bermuda) Limited
LOCATIONS
In Brazil, Torus is licenced as an admitted Aviation, Bloodstock and Specie. Bloodstock business through Lloyd’s a Class-4 insurer domiciled in Bermuda AROUND THE WORLD
reinsurer focusing on Energy, Construction Syndicate 1301.
and Surety lines. Torus also has a London based joint venture Torus Insurance (Europe) AG
7
with Nexus Underwriting Limited, Torus Lloyd’s is rated A (Excellent) by A.M. Best, a Liechtenstein-based European
Torus Bermuda Executive Risks Limited, which specialises A+ by Fitch Ratings and A+ by Standard & specialty insurer
Niche Casualty and Specialty Reinsurance in financial lines products for non US Poor’s. Ratings are applicable to all Lloyd’s
products are offered from Bermuda through domiciled insureds. syndicates. Through Lloyd’s, Torus is Syndicate 1301
Torus Insurance (Bermuda) Limited. licenced to underwrite on either a surplus
In 2010, Torus acquired Glacier Insurance AG lines basis or as a reinsurer in the US and Syndicate 2243 INSURANCE
Torus India with offices in Cologne, London, Schaan and in over 75 territories worldwide.
Zurich, strengthening Torus’ position in VEHICLES
Since its opening in 2009, Torus has
established a core operational centre in Europe and key Property and Specialty
Gurgaon providing actuarial, catastrophe markets. The acquisition of the renewal rights
modelling, IT and engineering support as to CV Starr’s Continental European business
well as research, analysis and data in December 2011 saw further expansion in
processing. At year end 2011, one third of the Continental Europe with additional offices in
Group‘s employees were India based. Rotterdam and Milan, and further capabilities
for the French and German markets with
additional teams in Cologne and Paris.
07 Torus Overview 2011 / 12 Torus Overview 2011 / 12 08

7. GLOBAL OFFICE LOCATIONS
AMERICAS INTERNATIONAL
Atlanta Amsterdam
Suite 1750, 3 Ravinia Drive, Ito Tower, 11th Floor, Gustav
Atlanta, GA 30346, USA Mahlerplein 76a, 1082 MA
t: +1 (678) 332 5500 Amsterdam, Netherlands
t: +31 (0)207 956 200
Chicago
190 South LaSalle, Suite 2025, Cologne
Chicago, IL 60603, USA Spichernstrasse 8,
t: +1 (312) 873 7100 50672 Cologne, Germany ROTTERDAM AMSTERDAM
t: +49 (0)221 952 700 LONDON COLOGNE
Houston
1300 Post Oak Blvd, Suite 1875, London PARIS
Houston, TX 77056, USA 88 Leadenhall Street, ZÜRICH
t: +1 (713) 581 2800 London, EC3A 3BP, UK SCHAAN
t: +44 (0)203 206 8000
Jersey City
Harborside Financial Center, Milan MILAN
Plaza 5, Suite 2600, Jersey City, Flat 32, 3rd floor,
NJ 07311, USA Via Matteo Bandello n. 1,
t: +1 (201) 743 7700 20123, Milan, Italy CHICAGO
t: +39 (0)2 3929 6956
San Francisco* JERSEY CITY
NEW JERSEY
One Embarcadero Center, Paris
Suite 500, San Francisco, 42 rue de Bassano 2ème étage, SAN FRANCISCO*
CA 94111, USA Paris 75008, France
ATLANTA
t: +1 (415) 293 8362 t: +33 (0)1 56 89 87 00
HAMILTON
BERMUDA
Rotterdam HOUSTON
São Paulo
World Trade Center São Paulo Beurs-World Trade Center, GURGAON
Av. das Nações Unidas, Office 659, 6th Floor,
12.551 9º Andar Beursplein 37, 3001 DD
04578-000 São Paulo, Brasil Rotterdam, Netherlands
t: +55 11 3443 1715 t: +31 (10) 2053 940
Schaan
Zollstrasse 82, 9494
BERMUDA Schaan, Liechtenstein
t: +423 239 98 98
Hamilton
26 Reid Street, Hamilton Zürich
Genferstrasse 35, 8002 SÃO PAULO
HM11, Bermuda
t: +1 (441) 295 6722 Zürich, Switzerland
t: +41 (0)44 560 7900
INDIA
Gurgaon
Pegasus 1 DLF,
Golf Course Road, Sector 53,
Gurgaon,Haryana, India
t: +91 124 674 7000
09 Torus Overview 2011 / 12 *Wholesale brokerage office for Western Region business, Torus Insurance Services, Inc. CA Licence #0GB7192 Torus Overview 2011 / 12 10

8. Nothing stays the same and we see that
Casualty
European Casualty and EIL
International Excess
as the greatest opportunity. As new
US Umbrella and Excess
Property
industries arise and new risks emerge,
Construction and Engineering Lines
General Property
Onshore Energy
Power and Utilities
Property – Direct and Facultative
Upstream and Offshore Energy
and as new economies develop, the pool
Specialty
Accident and Health
of insureds is expanding.
Bloodstock
Aviation
Torus has the industry specialists on-
Healthcare
Management Liability
Marine
board and the flexibility as a company to
Professional Indemnity
Property Schemes
Property – Special Risks
respond to those opportunities, serving
Renewable and Select Energy
Space
Surety
War and Terrorism
Reinsurance
our brokers and their clients through an
Casualty
Specialty
Property Treaty
ever changing world.
Syndicate 1301
Accident and Health
Bloodstock
Property Schemes
Property – Special Risks
Property – Direct and Facultative
Property Treaty
Syndicate 2243
Aviation
Construction
Marine
11 Torus Overview 2011 / 12 Torus Overview 2011 / 12 12

9. Financial highlights What we write and where we write it
Group FY 2011 Group FY 2011
Gross Written Premium by product line Gross Written Premium by geography
Financial strength as at December 31, 2011 as at December 31, 2011
$845.7m
Property $384.8m Australia/Asia $77.9m
Casualty $48.4m Europe $171.8m
Shareholders’ equity Total Specialty $331.9m Total UK $68.7m
as at December 31, 2011 $918.0m $918.0m
Treaty $152.9m US and Canada $415.8m
Rest of the world $183.8m
Rated A- (Excellent) by A.M. Best
Torus holds a Group financial strength rating of A- (Excellent) from A.M. Best, most recently
affirmed in November 2011. For business written through Syndicate 1301 and 2243, Lloyd’s
is rated A (Excellent) by A.M. Best, A+ by Fitch Ratings and A+ by Standard & Poor’s.
Torus Americas FY 2011 Torus International FY 2011
Gross Written Premium by product line Gross Written Premium by product line
as at December 31, 2011 as at December 31, 2011
Strong premium growth Organic and acquisition based growth
$m Property $305.3m
Property $79.6m
$918.0m Sideris
Total Total
Casualty $41.6m
Specialty $89.3m Total
Casualty $6.8m
Specialty $242.6m
918.0 $210.5m $554.7m
Gross Written Premium Glacier Total 93.8
as at December 31, 2011
787.7
189.2
New Castle Re 88.3
Strong premium growth across both new 119.1
120.9
and existing lines Torus
123.2
At the outset, establishing a worldwide 514.1
presence through global insurance hubs
457.1
such Jersey City, London, Houston and Total
Bermuda was key in building a global 265.2
specialty company. Having that foundation 74.4
Reinsurance FY 2011
in place enabled Torus to successfully Total 190.8
Gross Written Premium by product line
develop our technical product lines and 56.6 as at December 31, 2011
expand and diversify into regional markets
56.6
to build a balanced book of business. Property and Specialty CAT $120.9m
2008 2009 2010 2011
With our global technical lines of business Casualty Re $12.9m
established the next stage of Torus’
development is to expand our regional Specialty Re $19.0m
Total
Specialty product offering targeted at middle $152.8m
market and small/medium enterprises,
through both traditional as well as internet
portal distribution channels.
13 Torus Overview 2011 / 12 Torus Overview 2011 / 12 14

10. GROUP CHIEF
EXECUTIVE’S
MESSAGE
Clive Tobin
Group Chief Executive
“Torus’ development is a result Torus launched in June 2008 with a five costs tail off and revenues grow. However,
of organic growth as well as year strategy to build a global specialty
insurer with a niche reinsurance division.
at year end 2011, through organic growth
as well as diligent pursuit of attractive
a diligent pursuit of attractive
acquisition opportunities, gross premiums
It was an ambitious and somewhat unique written were close to $1bn. This is a huge
acquisition opportunities.
strategy in that it required building, from achievement in just four years and a
scratch, an insurance group with testament to the talented team of people
significant scale. To succeed meant we on-board who have worked tirelessly to
We remain committed to our needed the necessary people, offices, legal drive and shape the business.
entities and infrastructure to operate
original vision of becoming a globally within a very short timeframe. Torus’ initial focus was on writing large
technical lines and reinsurance business
leading global specialty insurer 16 offices and over 500 people later, we
have successfully built an enterprise that
in the major global wholesale insurance
hubs. By attracting leading underwriters
and we continue to build on the serves a global client base with over 25
major lines of business written through
and claims professionals we were able to
reach our strategic goals and continue to
strong foundation now in place.” both our own operating entities and Lloyd’s. build in those markets.
This range of offices and products provides Now these lines are established the next
us with an array of strategic options for stage of development is to grow Torus’
future growth and our Indian operational regional Specialty products targeted at
centre provides us with the necessary middle market and small/medium
support to manage that growth effectively enterprises. We are achieving this through
at lower marginal cost. both traditional distribution across a
network of regional offices as well as
There is still more work to do. Over the through our award-winning internet
next two years Torus’ expense ratio will fall portal, ESCAPE.
into line with our peers as development
Continued >
15 Torus Overview 2011 / 12 Torus Overview 2011 / 12 16

11. GROUP
CHIEF EXECUTIVE’S
MESSAGE
Continued >
Disciplined ambition as Group Chief Actuary and Chief Risk Officer underwriting in complimentary Specialty 2011 was a difficult year on the back of the The company now has a diversified range These decisions were not made in haste
To achieve rapid but profitable development in December. In early 2012 we were also lines but do not have the prospect of second worst catastrophe year on record of Specialty products and in evaluating the nor made lightly. They were necessary
over the last four years we have adhered to extremely pleased to announce that Tim sufficient scale to optimise returns as for the insurance industry. As independent volatility and additional capital required actions to achieve our strategic plan
two fundamental principles: Harris had joined as Group Chief Financial standalone entities. We have been able market data has highlighted, the impact to write Catastrophe Reinsurance it was to build a balanced book of Specialty
1. Attract the best people in the business Officer. With over 20 years’ experience in to buy those businesses at an attractive on capital was severe for many recognised determined that it was better to allocate business, and actions necessary for stable
financial and capital management, Tim price and, perhaps even more importantly, carriers. As a catastrophe (re)insurer with this capital to our core specialty franchise longer term growth to support our clients
2. Pursue attractive specialty acquisition brings deep experience across finance, we have ensured that Torus has minimal an international book of business, Torus where we continue to see opportunities and investors throughout the market cycles
opportunities treasury and capital markets to Torus, which exposure to past liabilities. was not unaffected. However, we are to expand. We appreciate the fine job our over the years ahead. As most recently
The financial crisis of 2008 and its impact will become increasingly important in the satisfied with our performance and our Catastrophe Reinsurance team did over noted by A.M. Best, these actions have
on some of the largest insurers, along next phase of our strategic development. Our commitment to a disciplined approach capital providers, First Reserve Corporation the past three years. In such a short time significantly reduced Torus’ exposure to
with a more difficult environment for small to underwriting, even when acquiring and Corsair Capital, are supportive of period, which included the second worst catastrophe risk and earnings volatility and
companies to get scale, created a unique Growth through acquisition as well as portfolios, has meant that in each and every our assessment of results; A.M. Best CAT year on record, they produced a 65% are expected to support the maintenance
window of opportunity for both. organic development case where an acquisition has occurred, also affirmed Torus’ A- (Excellent) Group gross and 73% net loss ratio. of strong, consolidated risk-adjusted
Since 2010, approximately 40% of Torus’ we have reduced the size of the portfolio to financial strength rating in November 2011. capitalisation.
Attracting talent Gross Written Premium growth is optimise the underwriting result. As part of our exit strategy we sold our
Torus has had access to a great amount acquisition based. Key transactions Strategic decisions, 2011 renewal rights to Montpelier Re. They 2012 and beyond
of talent and we continue to hire people include the selective renewal rights and However, it is important to note that Torus We made the decision, effective July 1, to exit provide quota share support on our existing As I stated at the beginning, what has been
who are among the best in the industry. personnel of New Castle Re (now Torus is not a constant acquirer. Attractive Property Catastrophe Reinsurance business. book and Torus in turn is providing a built over the past four years is somewhat
Senior underwriting, claims and service Re), the acquisition of Sideris Re Holdings opportunities have arisen over the past This decision was made for several reasons. limited amount of sidecar capacity in 2012. unique. Most companies that have grown
department appointments have been Limited (now Lloyd’s Syndicate 2243), four years because of where the industry Firstly, the amount of capital required by to the size of Torus within this timeframe
made across the US and Europe as we Glacier Insurance AG (now Torus Insurance was in the cycle. Acquisition has been the rating agencies to write this business We also determined to stop writing large have done so in very favourable market
look to enhance local presence in our (Europe) AG), the renewal rights to CV and will continue to be a core part of our going forward will increase as a result of commercial Excess Liability business in conditions, after a major loss event and
key specialty markets. With industry Starr’s Continental Europe business and strategy, as long as market conditions and changes in cat modelling introduced by the Bermuda market. We had entered that where the majority of their business is
specialists at the helm Torus seeks the acquisition of Lloyd’s Syndicate 1301. valuations of companies continue to make RMS in their version 11 release. market in 2009 because key leading players Catastrophe Reinsurance.
to attract and retain business due to economic and financial sense. were in severe stress from the financial
recognised expertise in underwriting The acquisition of Syndicate 1301 in Secondly, 2011 highlighted the increasing crisis. We saw an opportunity for significant We have built this company through
and claims rather than price. September 2011 was a milestone for Financial strength despite a difficult year exposure coming from outside of the market share at hardening prices. As our experience and knowledge, through
Torus as it completed the key global for the industry US. This was the second worst year on events played out these companies attracting leading underwriters, claims
India A third of Torus employees are India platforms needed to achieve our strategy The Group’s in-house claims team is an record for catastrophes but with no major were able to recover from the verge of and insurance professionals and finding
based. We made a conscious decision when of building a leading global specialty integral part of the business. Claims-paid hurricane or earthquake in the US. The cost bankruptcy and instead of a hardening companies and teams that have been
starting the company to create a core insurer. Along with the CV Starr renewal activity and potential exposure updates are of Reinsurance protection has therefore market we saw increased competition. happy to become part of Torus. A lot of the
operational centre in Gurgaon that would rights transaction, we now have a given to management and underwriting in risen as insurers look to purchase larger We know this market extremely well and heavy lifting has been done but the same
target high processing and data standards sizeable business within Lloyd’s. That real time to ensure no financial surprises in limits of international protection at prices determined that we were not going to see entrepreneurial spirit which has stood us
while allowing the Group to scale business transaction also augmented our presence the short term and that accurate provisions which have significantly increased. the necessary change in pricing dynamics in good stead during the foundational years
effectively at reasonable cost. With the in Continental Europe alongside our now are made for longer tail claims. The team in an acceptable timeframe. We remain of the company will continue to drive the
people we have on-board, this is proving a fully integrated European operations also works closely with management and Finally, because we are a new company, in the Excess Casualty market in the US company to achieve its long term vision.
highly successful strategy. obtained through the acquisition of underwriting to ensure lessons are learned Torus is required to carry additional capital but our focus is on the middle market and
Glacier Insurance AG. from major market claims, a key to Torus’ over these base amounts, which makes it SME business, which we target through our Clive Tobin
Augmenting the Executive Committee approach to loss prevention for both the even more challenging. internet portal, ESCAPE. Group Chief Executive
José González was appointed Group General Targeted acquisitions for Torus are Group as well as insureds.
Counsel in April 2011 and Richard Goldfarb typically companies that have good
17 Torus Overview 2011 / 12 Torus Overview 2011 / 12 18

12. Capital providers
First Reserve Corporation Corsair Capital
Torus was originally conceived and capitalised In February 2010, Torus announced an
by investment funds sponsored by First Reserve additional equity capital investment from
Corporation, a leading global energy investment Corsair Capital of $150m (alongside further
firm dedicated to the energy industry with over investment from First Reserve Corporation).
$23bn of raised capital as of December 31, Corsair Capital is a New York based private
2011. With nearly 30 years of investing equity firm investing solely in the financial
experience and offices in North America, services industry. Set up in 1993, it has invested
Europe and Asia, First Reserve is well positioned in the US, Europe, Latin America and Asia.
to make strategic investments on a global
basis. Its experience in insurance was originally
developed through investment in two insurance
sidecars deployed in 2006.
CHAIRMAN’S
MESSAGE
Kenneth W. Moore
“First Reserve
Torus Chairman;
Managing Director, First Reserve Corporation
is proud of the
operational scale,
global reach and
First Reserve is pleased with what the We believe Torus has well managed the
management at Torus has achieved over the catastrophe related losses of 2011 on top of the
past four years in terms of building a global necessary investment needed to build the
business and attracting talent. infrastructure underpinning a global business,
and we are fully supportive of the strategic plan depth of experience
that Torus brings to
We continue to work very closely with Torus’ in place for 2012 and beyond.
management team, all of whom have
significant experience in the industry and many Macro-economic conditions will continue to
of whom have experience in establishing and
developing new insurance operations.
be an ongoing challenge but Torus has now
achieved operational scale to economically
support its global underwriting platforms.
a highly competitive
We are also happy to have a supportive partner
in Corsair Capital whose expertise in financial
services, particularly in insurance, brings
Given the company’s scale, the depth of
management experience and the quality of
environment.”
added depth and insight to the Board. Their people who work to drive the business forward,
investment of $150m in February 2010 was a Torus is well positioned to benefit from the
significant endorsement of the potential we all prospects of hardening pricing conditions and
see in Torus. opportunities in new markets as they arise.
19 Torus Overview 2011 / 12 Torus Overview 2011 / 12 20
05

13. CEO
AMERICAS
MESSAGE
Naveen Anand
Chief Executive, Torus Americas
“Our award-winning Torus Americas opened for business in June 2009.
Initially focusing on General Property, Onshore Energy
Built up over the course of the year, an expert team of
industry specialists is now in place which brings strength
web portal ESCAPE is and Construction, Torus Americas now offers a wide
variety of Specialty products on both an admitted as well
in technical underwriting of complex management and
professional liability risks along with in-depth customer
a key investment and as excess and surplus lines basis across 12 lines of
business from underwriting centres in Atlanta, Chicago,
knowledge. November also saw the division unveiling a
ground-breaking, highly flexible modular policy
growth initiative for Houston, Jersey City and São Paulo, with a dedicated
broker support office in San Francisco.
architecture that enables agents and brokers to tailor
coverage to fit the specific needs of their customers.
Torus. As the company I am tremendously pleased with the performance of the Growth seen in Excess Casualty business written through
continues to expand and Americas team in building out our business. And this in
spite of strong competition from established local
our award-winning web portal, ESCAPE, (launched in
October 2010) has been exponential. In June, the team
meet market demands insurers. I can proudly report that this is being achieved
through the service proposition Torus brings to the
announced new and improved functionality as well as the
capability to deliver excess products on an admitted
for innovative Specialty market – a fresh and flexible insurance operation with the
industry specialists on-board to offer capacity across both
basis. In 2012, 50% of Excess Casualty business will be
written through ESCAPE. The upward trajectory of
insurance products, we traditional and emerging markets in the complex as well
as small to middle market segments.
premium written through ESCAPE continues as more
brokers become aware of the benefits its unique system
firmly believe delivery Supported by the latest technology to drive our business
functionality brings to streamlining the quote-to-bind
process. Following its success, plans are in place this
should leverage 21st forward, we offer intermediaries and their customers the
highest levels of service, product innovation and delivery
year for additional Torus products to be offered via
the portal.
century technology through both traditional as well as internet portal distribution.
2011 also saw the launch of Torus Surety. Focusing on
platforms.” We see continued opportunities for our original Property
and Casualty business. But with those lines now
providing contract surety in the US to small and mid-size
construction contractors, in time the operation will also
established, most notable growth during 2011 was seen offer commercial surety products. We are also seeking
within our newer Excess Casualty portal business, to develop Contract Surety business in key emerging
Healthcare and Professional Lines. markets throughout Latin America, placed through Torus’
admitted reinsurer in Brazil and the Group’s other
Launched in January 2010, our Healthcare practice is licences in the region.
now recognised as one of the go-to markets for Medical
Professional Liability. Our Professional Lines team Torus is already in the Construction, Property and Energy
announced in November its primary underwriting business in Latin America through our various legal
capability offering primary product solutions for over entities, and we see great opportunities to expand our
70 risk classes across Professional Liability, Private business profitably on all fronts but with a particular
Company Management Liability and Financial Institutions. focus on Brazil, which is an exciting and growing market.
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14. CEO
INTERNATIONAL
MESSAGE
Dermot O’Donohoe
Chief Executive, Torus International
It was a strong year end for Torus
International in terms of build out. The
wide range of Specialty, Property and
Casualty products across Continental “Acquiring Syndicate 1301
acquisition of Syndicate 1301 in September
2011 was a great achievement because, as
Europe.
in September 2011 was
a Lloyd’s platform, it was essentially the last
piece in the puzzle necessary to complete
We like the fact that you need very strong
market specific relationships in Europe. This a milestone for Torus,
the key infrastructure for Torus to be a global
specialty insurer.
allows us to build market loyalty and long
term partnerships. As we established during essentially completing
Along with the acquisition of the renewal
the initial years of our London Market
business, building close working the key platforms
rights to CV Starr’s Continental European
business in December, Torus now has a
relationships with clients and brokers that
endure the market cycle is our aim in
necessary to be a global
sizeable business in Lloyd’s; business written
in 2012 will account for approximately 25% of
Europe. We’re achieving this through having
the local teams on-board that are highly
specialty insurer. Along
the Group’s Gross Written Premium. experienced and understand the differing
drivers and dynamics of each European
with Syndicate 2243,
The acquisitions also augmented Torus’
Specialty portfolio and expanded our offering
insurance hub and their specific needs. business written through
in Continental Europe. So, despite international markets continuing
to be competitive, Torus is building an
Lloyd’s will account for
Syndicate 1301 brought on-board a range of
niche short tail business across several
effective platform to produce a credible and
sustainable offering. We are developing into
approximately 25 percent
product lines, including Accident and Health,
Property Direct and Facultative, Property
a serious alternative and market player for
sophisticated as well as small and middle
of the Group’s Gross
Treaty, Specie, Property Schemes and
Bloodstock.
market insureds. Written Premium in 2012.”
2011 was a tough year for the industry but,
The CV Starr renewal rights transaction as described, we’ve expanded and balanced
strengthened our Marine, Casualty and out our portfolio significantly with solid
General Property portfolio. And along with growth across our Specialty lines in addition
the now fully integrated Torus Insurance to our original Property and Casualty
(Europe) AG operations through our business. I am pleased to report that 2012
expanded branch network we now offer a results so far are looking positive.
23 Torus Overview 2011 / 12 Torus Overview 2011 / 12 24
05

15. Underwriting Practice Leaders Claims
Torus differentiates itself by claims
service. It is deeply embedded within
the Torus brand.
Jeffrey Grange Richard Etridge Tony Albanese Robert Allen Gerald Dupre Dominic Kirby
Chairman, Torus Deputy Chairman, Head of Surety Head of Healthcare Head of General Head of Syndicates
Group Underwriting Group Underwriting Property
Committee; Head of Committee; Head of
Professional Lines Aviation
“We provide clarity and transparency
in the claims process and ensure an
understanding of both insureds’
businesses and their need for
continuity of operations. We offer a
rapid, consistent and equitable
David Message Steven Norcliffe Demian Smith Linc Trimble David Whiting settlement and adjustment process.”
Head of Onshore Head of Construction Head of Marine Head of Casualty Head of Casualty
Energy, Offshore & & Engineering and Specialty Rob Powell, Group Chief Claims Officer
Upstream Energy Lines and Power Reinsurance
Generation
Underwriting approach Claims approach
Intelligent interactivity Leading-edge risk management
Industry specialists - expert solutions As part of this offering, in September 2010, Torus has the financial ability and claims In November 2011, Torus implemented a new,
Intelligent interactivity is at the heart of Aiming to provide the most innovative and
From the beginning, as part of our strategy Torus launched ESCAPE, a revolutionary resources to ensure our customers receive state of the art claims management system,
every Torus transaction. Supported by the cost effective loss prevention services for
to build a leading specialty insurer, Torus’ award-winning web portal designed to a quick and efficient claims service. Our Guidewire ClaimCenter®. Unlike the majority
latest technology and strong infrastructure, sophisticated insureds, Torus has a strong
philosophy has been to identify solutions to improve the online quote-to-bind process experienced in-house claims professionals of insurers who rely on older, multiple
our underwriting and claims teams have commitment to provide optimal loss
better serve insurance intermediaries and for intermediaries in the US. are decision makers; they deliver fast, platforms, Torus implemented ClaimCenter
simultaneous access to data, working prevention solutions in today’s fast moving
their clients worldwide. Our industry hands-on claims adjustment services as its one global claims management system
together wherever necessary with our risk business environment.
specialist underwriting teams have deep Geared for select brokers selling umbrella anywhere in the world through a single point to support its entire product suite,
engineering and risk analytics departments
experience in all major and emerging markets. and high excess liability policies to small of contact. Ensuring continuity of customers’ standardising claims handling processes to
to enhance the Torus offering with high-level • Since 2009, Torus has developed a suite
businesses, ESCAPE was built using the latest operations, rapid and equitable settlement deliver enhanced claims efficiency and
service and specialist solutions. of structured and industry specific risk
Complex, technical risk breakthroughs in software and technology. and consistency in the adjustment process improved speed and accuracy of claims
quality assessment tools for large
For industries requiring complex, technical are key objectives. payments for Torus customers worldwide.
commercial businesses to maximize
risk solutions, Torus differentiates itself A year later, ESCAPE is firmly established in
analytical performance and gain an
through a pragmatic approach to the US as a leading platform for umbrella For more complex lines, Torus’ claims team “ClaimCenter was fully implemented and
in-depth understanding of risk. This
underwriting based on extensive knowledge and excess liability policies. Plans for offers a wider service platform that uses the integrated with all Torus’ technology
enhances our ability to evolve our
of the underlying asset, supported by additional Torus products to be offered via team’s experience of loss events to prevent platforms in under 12 months. It’s one of
products and services and help
advanced risk analytics and a global team of the portal are in place for 2012. future recurrence. To achieve this, the many examples where Torus leverages the
businesses prevent loss.
in-house engineers when required; a deeper claims team works closely with insureds, latest information technology to deliver
understanding of risk enables our intermediaries and Torus’ underwriters and consistent, high level service in real time • On call when needed, Torus’ in-house
underwriters to provide bespoke insurance risk services departments both pre and to our customers throughout the quote, Chartered engineers are represented on
and loss prevention solutions, as well as post loss. purchase and claims settlement process.” recognised industry committees, publish
In February 2012, Torus was
facilitating competitive pricing based on Michael Kim, Chief Administrative Officer technical papers and speak at major
recognised by leading research
actual rather than market perceived risk. and consulting firm, Celent, as industry conferences, collaborating with
a 2012 Model Insurer for the engineering and risk management
Regional small, middle market development of ESCAPE. specialists worldwide.
For intermediaries serving regional small to
middle market segments, Torus’ underwriters • In March 2010, Torus launched its online
offer creative and flexible solutions with a Risk Engineering Best Practice Centre. In
strong emphasis on responsiveness. technical publications, Torus’ engineers
regularly keep insureds informed about
industry best practice, technological
developments and emerging risks.
25 Torus Overview 2011 / 12 Torus Overview 2011 / 12 26

16. Executive Committee
Clive Tobin Naveen Anand Dermot O’Donohoe Tim Harris
Group Chief Chief Executive, Chief Executive, Group Chief
Executive Torus Americas Torus International Financial Officer
José González Richard Goldfarb Printhan
Group General Group Chief Actuary Sothinathan
Counsel and Chief Risk Group Chief
Officer Strategy Officer
“Torus has a senior management
team in place that has significant
experience in the insurance industry
and the targeted classes of business.
In addition, the group benefits from
the experience that a number of senior
personnel have in establishing and
developing new insurance operations.”
A.M. Best
27 Torus Overview 2011 / 12