US

Torus acquires E&S insurer

The London market and Bermudian specialty underwriter Torus Insurance Holdings will acquire the US excess and surplus lines insurer, Praetorian Specialty Insurance Company (PSIC) from QBE Americas. PSIC is licensed to write excess and surplus lines insurance in 42 US states. David Hope, acting chief executive of Torus, described the acquisition of PSIC, for which Torus will pay entirely in cash, as the “first step” of his company’s strategic expansion into the US.