Hudson Insurance Group has acquired the underwriting operations of Surety Partners of America, Northeast, which is based in Chester, New Jersey.
Surety Partners of America, which was formed in 2009, is licensed and operates in 50 states through regional offices in New Jersey, Wisconsin, Maryland and Iowa. The transaction affects the Northeast operation only.
As part of the transaction, Michael Blount, a partner and regional bond manager, and James Balzan, senior bond manager, will join the team at Hudson Surety headed by Senior Vice President of Underwriting Michael Cifone.
Tom Chambers, Midwest regional manager, said there are “no changes expected” for the Surety Partners of America, Midwest, LLC. He will continue to lead that underwriting division with Todd Kramer remaining as the regional bond manager. The Midwest office handles business in Illinois, Indiana, Iowa, Minnesota, Missouri and Wisconsin.
The deal also does not affect the MidAtlanic operation based in Maryland, according to Michael Schendel, MidAtlantic manager. Courtney Seed remains bond manager. This office writes in Maryland, Virginia and the District of Columbia.
Chris Gallagher, president and CEO of Hudson, said the acquisition “demonstrates our commitment to the surety industry and sharpens our focus in the Northeast.”
Hudson Insurance Group, part of Fairfax Financial Holdings Ltd., underwrites specialty primary and excess insurance on an admitted and non-admitted basis through Hudson Insurance Co., Hudson Specialty Insurance Co. and Hudson Excess Insurance Co.
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