Odyssey Re Holdings Corp. announced that its subsidiary, Odyssey America Reinsurance Corporation, had closed on its purchase of the shell company, General Security Indemnity Company, from SCOR Reinsurance Company. The acquired company will be re-named Hudson Specialty Insurance Company (“Hudson Specialty”).
Hudson Specialty is domiciled and licensed in New York and is currently an eligible surplus lines insurer in 43 states, and will eventually operate as a surplus lines insurer of property and casualty lines on a full national basis. It will serve as the main platform for the new Hudson Healthcare segment and will also provide the Hudson Specialty Programs segment with a surplus lines vehicle.
Andrew Barnard, president and CEO of OdysseyRe, commented, “The acquisition of Hudson Specialty provides us with an important new resource through which to serve our expanding customer base. The new company is especially important to the expansion of Hudson Healthcare, which was launched earlier this year and is becoming a significant participant in this much-improved market. Hudson Specialty also provides Hudson Specialty Programs with the means to deliver the rate and form flexibility of surplus lines to its growing market. The current pricing environment in both of these markets presents a unique opportunity for profitable premium growth.”
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