CONTENTS 02 OVERVIEW 03 PRODUCT LINES 05 BUSINESS REVIEW 06 LEADERSHIP TEAM 07 BUSINESS HIGHLIGHTS 09 KEY MILESTONES 11 GLOBAL BRANCH NETWORK

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1 COMPANY OVERVIEW 2014

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3 CONTENTS 02 OVERVIEW 03 PRODUCT LINES 05 BUSINESS REVIEW 06 LEADERSHIP TEAM 07 BUSINESS HIGHLIGHTS 09 KEY MILESTONES 11 GLOBAL BRANCH NETWORK

4 Globalisation has led to new challenges for companies that trade goods and services around the world. Torus has the industry specialists and flexibility as a company to meet the changing needs of today s market, enabling businesses large and small to operate in a global economy. 01 Company Overview 2014 For more information visit torus.com

5 OVERVIEW A GLOBAL SPECIALTY INSURER MULTINATIONAL Operating in the world s leading markets Torus is a global specialty insurer operating in Lloyd s, the London market, Continental Europe and the U.S. SPECIALTY Specialty insurance Torus provides specialty solutions to both large multinational and small and middlemarket clients. Through six wholly-owned insurance platforms, Torus has licences to serve a global client base. SECURE Financial strength Torus is rated A- (Excellent) by A.M. Best. For business written through Torus Syndicate 1301, Lloyd s is rated A+ by Standard & Poor s, AA- by Fitch Ratings and A (Excellent) by A.M. Best. For more information visit torus.com Company Overview

6 PRODUCT LINES INTERNATIONAL Products written via the London market, Continental Europe and Torus Syndicate 1301 UNITED STATES Products written locally in the U.S. via Torus admitted and excess & surplus lines carriers Business written through Torus Syndicate 1301 Business written through U.S. online broker portal, ESCAPE Specialty Accident & Health Aviation & Space Marine: Cargo, Hull, Liabilities, Specie Management & Professional Liability War & Terrorism Property Construction Onshore Energy Power & Utilities Property, Direct & Fac Upstream & Offshore Energy Specialty Healthcare Management & Professional Liability Workers Compensation Casualty Umbrella & Excess ecommerce Allied Healthcare Commercial E&O Equipment Floater Excess Casualty Casualty European Casualty International Excess INSURANCE PLATFORMS Torus Insurance (UK) Limited UK insurer regulated by the PRA and FCA. Torus Insurance (Europe) AG Liechtenstein-based European specialty insurer, FMA regulated. Torus Syndicate 1301 Lloyd s Syndicate managed by Torus Underwriting Management Limited ( TUML ). TUML is a Lloyd s managing agency, authorised and regulated by the PRA and FCA. INSURANCE PLATFORMS Torus can offer products on an admitted and/or excess & surplus lines basis in all 50 states. Torus Specialty Insurance Company U.S. excess & surplus lines insurer and Brazilian admitted reinsurer. Torus National Insurance Company U.S. admitted markets insurer. 03 Company Overview 2014 For more information visit torus.com

7 GROSS WRITTEN PREMIUM BY PRODUCT LINE (USD million) as at December 31, 2013 TOTAL $883.1m SPECIALTY Marine: Cargo, Hull, Liabilities, Specie $142.2m Aviation & Space $107.7m Management & Professional Liability $96.7m Healthcare $54.1m War & Terrorism $19.5m Accident & Health $13.6m Other Specialty $32.8m PROPERTY Property, Direct & Fac $98.5m Construction $72.6m Upstream & Offshore Energy $65.2m Onshore Energy $34.7m Power & Utilities $22.3m CASUALTY Casualty $60.4m ECOMMERCE ecommerce $56.8m OTHER Other $6.0m For more information visit torus.com Company Overview

8 BUSINESS REVIEW TORUS CONTINUES TO MAKE SIGNIFICANT STRIDES TOWARDS BECOMING A LEADING SPECIALTY INSURER IN EACH MARKET WE SERVE. DURING THE COMPANY S FIFTH FULL YEAR IN BUSINESS, WE LAUNCHED A LLOYD S MANAGING AGENCY AND ATTRACTED LONG TERM STRATEGIC INVESTORS IN ENSTAR GROUP AND STONE POINT CAPITAL. With the launch of our Lloyd s Managing Agency and the completion of the acquisition by Enstar and Stone Point, Torus now operates from an expanded platform as part of a wider and welldiversified insurance group. We are delighted to have secured Torus future as part of Enstar. Enstar is a financially strong and secure company with proven operational excellence and access to significant capital, and in partnership with Stone Point Capital, a best in class investor, Torus is now in a solid position for the long-term. Becoming part of Enstar Group is a very positive development for the Torus franchise. Enstar and Stone Point bring extensive insurance industry expertise and with the enhanced management team we now have in place, Torus is looking to a successful future. The focus now is on cementing Torus position in the key markets in which we operate, with the strategy to selectively underwrite our chosen specialty lines where we believe we can operate with competitive advantages, focusing on balancing risk exposures and selective organic growth. The Torus Executive Committee 05 Company Overview 2014

9 LEADERSHIP TEAM EXECUTIVE COMMITTEE Nicholas A. Packer Group Chief Executive Officer and Chairman John F. Shettle, Jr. Group Vice Chairman; Interim Chief Executive Officer, U.S. Patrick Tiernan Group Chief Operating Officer Gareth Nokes Group Chief Financial Officer Demian Smith Chief Executive Officer, International David Message Chief Underwriting Officer, International MANAGEMENT TEAM Richard Etridge COO, Continental Europe; Head of Aviation Tim Fillingham CEO, Torus Insurance (UK) Limited Robert Herald Head of Healthcare Dominic Kirby Managing Director, Torus Underwriting Management Limited Rob Powell Chief Claims Officer Mark Sioma Head of Management & Professional Liability Linc Trimble Head of ecommerce and Excess Casualty Jeff Wanamaker Head of Workers Compensation Company Overview

10 BUSINESS HIGHLIGHTS FOR TORUS, SPECIALTY INSURANCE IS THE ABILITY TO OFFER INNOVATIVE SOLUTIONS TAILOR-MADE TO THE NEEDS OF OUR CLIENTS AND THEIR BROKERS, DESIGNED TO ADAPT TO THEIR CHANGING NEEDS AND FINANCIALLY DELIVERED BY A SECURE, LONG-TERM INSURANCE PARTNER. Products Torus underwriting practice leaders are recognised market leaders valued for their technical expertise and extensive industry knowledge. Specialist sector experience across all divisions throughout the Group supports continued innovation and bespoke product development. Distribution With an international branch network, Torus continues to strengthen its local and transnational offerings through an increasing broker and customer distribution base, building strong, long-term partnerships across both traditional and key growth markets. Lloyd s The successful acquisition of Syndicate 1301 in 2011 extended Torus specialty product base and strengthened its distribution capabilities. Torus Underwriting Management Limited, a wholly-owned Lloyd s managing agency, was launched March 28, For the 2014 underwriting year, stamp capacity for the Syndicate has increased to 180million and Torus extended its Lloyd s product offering to include Excess Casualty and U.S. Healthcare. In addition, Torus Insurance Marketing Limited received service company approval to write business locally in Continental Europe on behalf of Syndicate Torus U.S. Intermediaries Inc. has service company approval to write Healthcare business locally from Jersey City. Claims Torus differentiates itself by claims service; it is deeply embedded within the Torus brand. Willingness to pay Paying covered claims quickly is important to Torus as well as our clients; our track record supports this fundamental principle. Decision makers All members of the Torus claims team are empowered to make decisions. This facilitates rapid and equitable settlement as well as consistency in the handling of every claim. Skill matching Torus works to ensure claims reach the right claims handler from first notice of loss. Claims segmentation ensures the team focuses on technical excellence as well as economical, fast-track claims handling. Transparency Key to Torus approach to claims management, claims-paid activity and potential exposure updates are given to management and underwriting in real-time. This ensures: 1. No financial surprises in the short-term; 2. Accurate provisions are made for longer-tail claims; 3. Lessons are learned from major market claims. From a client perspective where large claims are defining moments, Torus strives to ensure that all relevant facts and decision points are effectively and promptly communicated. Cutting-edge claims management Torus uses Guidewire ClaimCenter, a global claims management system that supports Torus entire product suite. A key differentiator, Guidewire ClaimCenter standardises the claims handling processes to deliver enhanced claims efficiency and improved speed and accuracy of claims payments for Torus customers worldwide. 07 Company Overview 2014 For more information visit torus.com

11 ecommerce Launched in 2010, Torus state-of-the-art online broker portal, ESCAPE, offers a fast and cost-effective quote-to-bind-to-issue solution for brokers serving small and middle-market business in the U.S. Originally launched to write Excess Casualty business, ESCAPE has been developed to also write small allied Healthcare, Commercial E&O and Equipment Floater business, receiving market recognition for its development as a Celent Model Insurer and Finalist for MarketScout s Entrepreneurial Insurance Award. Torus is also harnessing the technology behind ESCAPE for our MGA partners in Europe, initially for SME PI and D&O business written in The Netherlands. A wider roll-out across Europe is planned during ESCAPE Gross written premium (USD million) YE2010 $0.9m YE2011 $10.8m YE2012 $28.5m YE2013 $56.8m Torus is recognised by leading research and consulting firm, Celent, as a 2012 Model Insurer for the development of ESCAPE. Torus was originally conceived with a focus to write large, site specific and unique risks those where underwriting performance would be improved by a data-driven approach and extensive knowledge of the underlying asset. A technical focus remains core to all business lines, a philosophy in line with Torus overall ambition to both complement and develop the markets in which we operate. For more information visit torus.com Company Overview

12 KEY MILESTONES JUNE Torus opens for business with operations in London and Bermuda 01 JANUARY Torus opens for business in Continental Europe 04 MAY Torus acquires Glacier Insurance AG; extends European presence 11 OCTOBER Torus launches online broker portal, ESCAPE, for small and middle-market business in the U.S JUNE U.S. Property and Casualty platform opens 16 JUNE Core operations centre opens in Gurgaon, India 07 SEPTEMBER Global Specialty division launched SEPTEMBER Torus acquires Lloyd s Syndicate DECEMBER C.V. Starr Continental Europe renewal rights acquired 09 DECEMBER Merger with Sideris Re completed (Lloyd s Syndicate 2243) JULY Lloyd s managing agency approved in principle; Torus Underwriting Management Limited launched March 28, Company Overview 2014 For more information visit torus.com

13 2013/14 ENSTAR GROUP/STONE POINT CAPITAL ACQUISITION April 1, 2014: Torus is acquired by Enstar Group Limited together with the Trident Funds managed by Stone Point Capital. Long-term financial strength Both Enstar and Stone Point are financially secure and have access to significant capital. Enstar has significant financial resources (shareholders equity at December 31, 2013 of USD 1.8 billion) and as a public company, Enstar has access to multiple capital markets. Stone Point is a best-in-class private equity firm with a significant focus on the re/insurance industry, with aggregate committed capital of USD 9 billion. Both Enstar s and Stone Point s focus is to deliver stability and profitability over the long-term. Ongoing operations All Torus policies and relationships remain unchanged and Torus continues to operate through the Group s insurance platforms across London, Lloyd s, Continental Europe and the U.S. Both Enstar and Stone Point have a proven track record in building strong and profitable insurance businesses. As a subsidiary of Enstar in partnership with Stone Point, Torus now benefits from their strategic and operational support as well as financial backing MAY Dowling Capital Partners buys into Torus with a circa USD 8 million investment in Bayshore Holdings. Bayshore Holdings is the holding company of Torus Insurance Holdings Limited and its operating subsidiaries. It is owned 59%, 39.3%, and 1.7% by Enstar, Stone Point Capital and Dowling Capital Partners respectively. Dominic Silvester Chief Executive Officer, Enstar Group Torus provides Enstar with a large, international A- rated group of companies which diversifies Enstar into the active market and enhances the opportunities available to our core legacy business. Partnering with a selectively chosen group of underwriters opens up great opportunities, and a well-managed active book of business will produce another stable source of income and cash flow. Enstar s management team has prior experience working with Torus and we also have substantial experience working with Stone Point. Collectively, the expertise of Enstar, Stone Point and Torus are very complementary and these synergies provide a solid foundation for future success. For more information visit torus.com Company Overview

14 GLOBAL BRANCH NETWORK Seattle London Paris Rotterdam Chicago Jersey City Hamilton Cologne Zürich Milan Schaan Gurgaon EUROPE Cologne Spichernstrasse 8, Cologne, Germany t: +49 (0) London 88 Leadenhall St., London, EC3A 3BP, UK t: +44 (0) Milan Via Matteo Bandello n. 1, Milan, Italy t: Paris 42 rue de Bassano 2ème étage, Paris 75008, France t: +33 (0) Rotterdam Beurs-World Trade Center, Office 659, 6th Floor, Beursplein 37, 3001 DD Rotterdam, Netherlands t: +31 (0) Schaan Zollstrasse 82, 9494 Schaan, Liechtenstein t: Zürich Genferstrasse 35, 8002 Zürich, Switzerland t: +41 (0) UNITED STATES BERMUDA INDIA LLOYD S Chicago 190 South LaSalle, Suite 2025, Chicago, IL 60603, USA t: +1 (312) Jersey City Harborside Financial Center, Plaza 5, Suite 2600, Jersey City, NJ 07311, USA t: +1 (201) Seattle th Avenue Suite 2600 Seattle WA t: +1 (206) Hamilton 26 Reid Street, Hamilton HM11, Bermuda t: +1 (441) Gurgaon* Pegasus 1 DLF, Golf Course Road, Sector 53, Gurgaon, Haryana, India t: Torus Underwriting Management Limited 88 Leadenhall Street London, EC3A 3BP, UK t: +44 (0) * Core operations centre 11 Company Overview 2014 For more information visit torus.com

15 FIND OUT MORE Europe torusinsurance.com/europe United States torusinsurance.com/us Lloyd s torusinsurance.com/toruslloyds SCAN FOR ELECTRONIC VERSION 2340/ Torus Annual Report

16 torus.com