The US arm of Bermuda 2008 start-up Torus Insurance Holdings Ltd. expects to open new offices in Atlanta, Chicago, Houston and on the US west coast before the year is out.

Torus Specialty Insurance Company, which is headquartered in New Jersey, now has authority to write surplus lines in 42 states across America, the company announced yesterday.

This follows the recent confirmation of its licence to write property and casualty business in Delaware and the affirmation of Torus Specialty's A- (excellent) financial strength rating by AM Best. Led by former XL executive Bob Klepper, Torus Specialty consists of a team of eight working in general property. Reporting to Mr. Klepper is Steve Fomchenko, Torus' Global Head of General Property, who joined the young company in December 2008.

The company was founded last summer with $720 million in initial capital and last December took over the reinsurance operations of the Citadel hedge fund, including New Castle Re and CIG Re. It has major operations in London, as well as Bermuda and the US. Mr. Klepper said: "Torus has quickly expanded from its initial focus on energy risks. The ongoing recruitment of experienced and respected underwriters such as Steve, demonstrates that we are indeed diversifying successfully on both sides of the Atlantic.

"Torus aims to bring the benefits of its investment in analytical underwriting systems to develop long term relationships with clients based on a deeper understanding of the risks to their business.

"Alongside our property offering we already have casualty expertise and will look to develop our range of services in financial, professional and other specialty risk areas in the months and years ahead."