Corporate round-up

Torus launches Lloyd's managing agency that assumes business of Syndicate 1301 Specialty insurer Torus has launched its own Lloyd's managing agency, Torus Underwriting Management Ltd (TUML), that will assume management of Torus Syndicate 1301 with immediate effect. The move follows approval from the UK Financial Services Authority and Lloyd's. TUML will replace the Chaucer 'turnkey' syndicate management agreement in place with Torus Syndicate 1301 since it opened for business in 2000. Torus itself acquired Syndicate 1301 in September 2011.hideCommenting on the announcement, Dermot O'Donohoe, Torus International Chief Executive, said: "Forming a Lloyd's managing agency has been a key strategic objective for Torus. As the world's foremost specialist insurance market Lloyd's is a key platform and having our own managing agency completes the necessary and scalable infrastructure to operate as a leading specialty insurer." Dominic Kirby, TUML Managing Director, added: "Establishing a Lloyd's managing agency is a complex process, especially now with the requirements of the Solvency II environment. We appreciate the efforts of Lloyd's and the FSA who worked closely with us through the approval process and look forward to furthering Torus' specialty offering around the world as a fully integrated Lloyd's operation." Products offered through Syndicate 1301 include Accident & Health, Aviation, Bloodstock, Construction, Marine, Property Schemes, Direct & Facultative Property, Specie, War & Terrorism. Willis to acquire UK PI broker Prime Professions Subject to regulatory approval Willis will acquire UK-based professional indemnity insurance broker Prime Professions. Willis will make the acquisition through its Willis Ltd subsidiary and will take control of two companies, PPH Ltd and Prime Professions Ltd, that together form Prime Professions. Terms of the transaction have not been disclosed. Prime Professions' clients range from small and medium-sized professional service firms to large global organisations. Following the trade, Martin Ellis, the broker's Director and Head of Risk Solutions, will lead Willis' UK professional indemnity practice. Commenting on the deal, Steve Hearn, Willis Group Deputy CEO and Chairman and CEO of Willis Global, said: "The acquisition of Prime Professions represents a big growth opportunity for Willis Limited in the professional indemnity insurance space. Through organic growth and targeted mergers and acquisitions activity, we are continually seeking to grow our capabilities and reach so that we are in a better position to serve our clients' interests. Combining our strengths as a major global broker with Prime Professions' specialist expertise and unique market insights will significantly enhance our capabilities and market share in this area." Martin Ellis, Director and Head of Risk Solutions at Prime Professions, said: "We are delighted to become part of Willis' highly successful FINEX division, bringing together some of the best professional indemnity insurance practitioners in the market and combining the strengths of a global broker with a commitment to providing a highly personal service to our clients. Willis' powerful international network and global reach will assist us with servicing our clients who have ambitious overseas growth plans. We look forward to a truly exciting future." ACE UK & Ireland names Roberts as Casualty Manager Mark Roberts has been appointed as Casualty Manager for the UK & Ireland at ACE. In the role he will be responsible for the financial performance and future development of ACE's casualty insurance portfolio in the region, which also includes Gibraltar. Mr Roberts has twenty years of casualty underwriting experience. He joins ACE from Chubb where he most recently held the position of European Casualty Manager. Reporting to David Robinson, Regional President UK & Ireland, with additional product line reporting to Mark Homan, EVP Casualty, ACE Overseas General, Mr Roberts will be based in London. The appointment takes place with immediate effect. David Robinson, Regional President UK & Ireland, said: "In returning to ACE Mark brings with him a valuable mix of casualty technical underwriting experience, strong relationship management skills and broad commercial insight. As we continue to focus on meeting and anticipating the needs of our customers within the UK & Ireland, Mark will help us continue to take a disciplined approach to casualty underwriting and enhance our capability to design creative, pragmatic and effective insurance programmes supported by the expertise and experience of our underwriters." AGCS Africa makes key market management appointment Allianz Global Corporate & Specialty Africa (AGCS Africa) has appointed Isaac Mahlangu as Head of Market Management Africa. Mr Mahlangu will be based in the company's Johannesburg office and is charged with driving AGCS' growth initiatives across the region and developing relationships with key clients and brokers. He will report directly to Delphine Maidou, CEO of AGCS Africa. As well as building relationships in the local market, Mr Mahlangu, who has more than 16 years' experience in the African insurance market, will facilitate client and broker access to the wider Allianz network and promote the company's global capabilities. Prior to joining AGCS Mr Mahlangu worked for AIG in various roles, most recently as Head of Client Management. Delphine Maidou, CEO of AGCS Africa, said on the appointment: "Being able to expand our knowledge and experience is a positive step in our development as a business. With this appointment, and several others that we have made over the past six months, we are delivering on the promise we made to our partners of bringing local expertise where they want it. Isaac's responsibilities will be to build on our market presence and reaffirm us as one of the top industrial insurers in Africa. I know he will deliver this and drive closer relationships with our clients and brokers." QBE names new Trade Credit Senior Underwriter QBE has announced that Sebastian Rice is to join QBE Trade Credit as Senior Underwriter on June 28. Mr Rice will be responsible for the development and servicing of new trade credit business in the UK. Working with London-based specialist trade credit brokers, his role will encompass UK-domestic, multi-regional and global business across all product types emanating from London. His previous roles include Global Sales Manager at Atradius and Strategic Account Manager at Euler UK. Trevor Williams, Head of Credit & Surety Europe, said: "Seb is a well known and highly regarded senior underwriter in UK trade credit insurance who brings a breadth of experience to this role from over nine years in this market. This appointment further demonstrates our commitment to the trade credit market, our desire to explore new opportunities and to profitably grow our business."

Corporate round-up

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