Odyssey Re Holdings Corp. has formed Newline Insurance Company Limited (NICL), described as “a casualty-focused insurance company based in London, England.”
Odyssey Re said it had received “all necessary regulatory approvals” from the U.K.’s Financial Services Authority and that NICL “will commence underwriting general liability, professional indemnity and directors and officers liability insurance in the U.K. and other European Union countries.”
President and CEO Andrew A. Barnard commented: “OdysseyRe is pleased to establish this new underwriting platform to complement our successful Lloyd’s operation.” Brian D. Young, Managing Director of Newline, further commented, “NICL gives us additional operating flexibility and will extend the reach of our casualty insurance underwriting capability to a broader audience.”
Canada’s Fairfax Financial Holdings holds an 80 percent stake in Odyssey Re.
The announcement also indicated that A.M. Best Company has assigned an “A” (Excellent) Rating to NICL.
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