Dear friend,

Here's a little thought about that $720m Torus start-up:

Is this the first time that a new company has gained a licence from both the BMA and the UK's FSA simultaneously?

After the class of 2005 saw the third great wave of start-up capital flood to Bermuda, the FSA was inspired to say it was trying to slim down and speed up its regulatory approval process.

Well this looks like the first fruits of that strategy - and 26 new jobs created in London are the result.

So it's hats off to the FSA for coming up with the goods - this kind of thing is so much easier said than done.

And another quick, slightly mischievous thought on this

- is the London company market's gain Lloyd's loss this time around?

After all, Torus backers First Reserve already had one little toe dipped into the Lloyd's market with their CV Starr 1919 Sideris Re sidecar syndicate?

We feel confident we'll find the answers, dear reader...