Monday, June 9, 2008

Hudson Insurance Group Purchases Hooghuis Group

Hudson Insurance Group, the U.S. Insurance division of Odyssey Re Holdings Corp. announced its acquisition of Hooghuis Group LLC, an underwriting agency specializing in U.S. directors and officers liability insurance.

Hooghuis has been underwriting D&O business for Hudson and OdysseyRe affiliates for over 10 years. In 2004, Hudson purchased 40 percent of Hooghuis to further align its interests in the business. This partnership is the foundation for Hudsons decision to fully integrate the Hooghuis operation.

James Hooghuis, chairman and CEO of Hooghuis, joins Hudson as an executive vice president and chief underwriting officer of Hudson Financial Products. All current employees of Hooghuis will join Hudson and continue to work from their existing locations in Mineola, NY, and Farmington, CT.

Hooghuis commented, We are delighted to join OdysseyRe after years of working in close partnership, and look forward to utilizing our skills and experience to make Hudson a leading underwriter in the D&O sector.

Andrew Barnard, CEO of OdysseyRe, noted, This deal is the culmination of a long and prosperous relationship with Hooghuis; we are pleased to welcome Jim and his team to the OdysseyRe family. This transaction underscores our commitment to the U.S. D&O marketplace and is a further demonstration of Hudsons expanding capabilities.

Hudson Insurance Group specializes in primary and excess insurance coverages through Hudson Programs, Hudson Healthcare and Hudson Financial Products. Hudson provides admitted and non-admitted insurance predominantly through Hudson Insurance Company and Hudson Specialty Insurance Company. Hudson Insurance Group is the U.S. Insurance division of OdysseyRe, an underwriter of property and casualty reinsurance and specialty insurance with $3.1 billion in policyholders' surplus.

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