Over 100 years of strength and security
Skandia Insurance Company, Ltd. of Stockholm, Sweden, opens a U.S. Branch in New York on May 29.
Hudson Insurance Company is incorporated in New York on January 16.
Hudson becomes a professional reinsurer in 1935 and is acquired by Skandia Insurance Company, Ltd. on August 25.
Ownership of Hudson is transferred to Skandia America Reinsurance Corporation, the newly formed corporate vehicle for the domestication of the former U.S. branch of Skandia Insurance Company, Ltd. on July 1.
Fairfax Financial Holdings Limited acquires Skandia America, Skandia Canada and Hudson from Skandia Insurance Company, Ltd. on May 31, changing Skandia America’s name to Odyssey Reinsurance Corporation on July 19.
TIG Reinsurance Company establishes Syndicate 1218 and a Managing Agency at Lloyd’s, on November 6.
INVESTMENT PORTFOLIO STARTS AT $1.1 BILLION.
SHAREHOLDERS’ EQUITY STARTS AT $300 MILLION.
Fairfax completes acquisition of Compagnie Transcontinentale de Réassurance on February 27.
Hudson returns to writing direct insurance.
Odyssey Reinsurance Company (ORC) acquires certain runoff reinsurance operations of Skandia International Insurance Corporation (which becomes ORC’s Stockholm representative office) for $115 million on September 4.
Fairfax acquires TIG Holdings, Inc. and its subsidiaries including TIG Re, a Connecticut reinsurer, on April 14. TIG Re is renamed Odyssey America Reinsurance Corporation (OARC) in October. OARC becomes the OdysseyRe Group’s flagship reinsurer.
Syndicate 1218 is renamed Newline Syndicate 1218 at Lloyd’s on December 1.
New branches of Odyssey America Reinsurance Corporation are established in Paris and Singapore to begin writing business previously written by Compagnie Transcontinentale de Réassurance on July 1.
Odyssey Re Holdings Corp. (ORH) is incorporated in Delaware on March 21 to serve as the holding company for the reinsurance-related subsidiaries of Fairfax. The initial public offering of ORH common shares on the New York Stock Exchange occurs on June 14 at a price of $18 per common share. Fairfax retains approximately 70% ownership of ORH, and Odyssey America Reinsurance Corporation becomes a wholly-owned subsidiary of ORH.
GROSS WRITTEN PREMIUM REACHES $1 BILLION.
Hudson Healthcare is established. Renewal rights and staff are acquired from TIG Insurance on December 16.
SHAREHOLDERS’ EQUITY REACHES $1 BILLION.
Odyssey America Reinsurance Corporation acquires General Security Indemnity Company, a New York-domiciled excess and surplus lines insurer, from SCOR Re on October 28. The company is renamed Hudson Specialty Insurance Company, concurrent with Odyssey Reinsurance Company’s name change to Clearwater Insurance Company, on December 4.
|GROSS WRITTEN PREMIUM REACHES $2 BILLION.|
|Odyssey America Reinsurance Corporation acquires Overseas Partners (US) Reinsurance Ltd., a Delaware insurer in runoff, from Overseas Partners, Ltd (Bermuda) [for [$100mm]]. The company is placed directly under Clearwater, and renamed Clearwater Select Insurance Company.|
INVESTMENT PORTFOLIO REACHES $5 BILLION.
Newline Insurance Company Limited is formed on June 19, 2006, and is followed by the opening of an office in Singapore, as Newline Asia Services Pte. Ltd., on April 16, 2007, and the acquisition of Connect Liability Solutions Pty. Ltd. (Australia) on August 31, 2007.
SHAREHOLDERS’ EQUITY REACHES $2 BILLION.
Hudson acquires Hooghuis Group LLC, which specializes in U.S. directors and officers liability insurance, on June 9, and later opens regional offices in Chicago and San Francisco.
Hudson acquires the assets and staff of CropUSA Insurance Agency and forms Hudson’s Crop Insurance unit on September 2.
Fairfax announces tender offer to acquire all the common shares of Odyssey Re Holdings Corp. (ORH) that it did not already own on September 4, ultimately raising the proposed purchase price to $65.00 per share on September 18.
Upon completion of acquisition, ORH becomes 100% owned by Fairfax. ORH common shares are subsequently de-listed from the New York Stock Exchange on October 28.
SHAREHOLDERS’ EQUITY REACHES $3 BILLION.
Odyssey America Reinsurance Corporation opens an office in Brazil on March 22.
Clearwater is transferred to TIG on January 1, in exchange for the retiring of Odyssey Re Holdings Corp. shares held by TIG. Hudson and Clearwater Select become direct subsidiaries of Odyssey America Reinsurance Corporation (OARC). On February 18, OARC changes its name to Odyssey Reinsurance Company.
Hudson Excess Insurance Company (Hudson Excess) is incorporated in Delaware on May 11, 2012. On April 29, 2013, Hudson Excess receives approval from the Excess Line Association of NY to write excess line business in the State of New York.
Hudson acquires American Safety Insurance Holdings, Ltd.’s Surety Team who operate out of Atlanta, Calabasas, and Orlando, to underwrite commercial and contract surety business on October 3, 2013.
|INVESTMENT PORTFOLIO REACHES $9 BILLION.|
Hudson acquires Motor Transport Underwriters, Inc., a leading underwriting, claims and risk management specialist in the long-haul trucking arena on April 1.
Newline Group establishes Newline Malaysia Limited on September 26.
SHAREHOLDERS’ EQUITY REACHES $4 BILLION.
Newline Syndicate 1218 joins Lloyd’s China on January 1.
Hudson acquires Euclid Managers, LLC of Kansas City, Missouri, a highly regarded underwriting and claims manager for internet, tech, media, manufacturers and miscellaneous professional liability on June 1.
Odyssey Reinsurance Company establishes a representative office in Beijing on October 10.
Hudson launches new Commercial Excess and Umbrella unit on September 6.
Newline Insurance Company Limited establishes a branch office in Cologne, Germany on December 13.
Newline launches new Affinity & Special Risks unit on June 27.
Hudson launches new Commercial Casualty E&S unit on October 10.
Odyssey Re Europe S.A. receives approval to operate as a reinsurer in France on September 11.
|Odyssey Re Holdings Corp. is renamed Odyssey Group Holdings, Inc.|
|Newline Group Expands into Canada, opening an office in Toronto on March 14.|
|Hudson Insurance Group Enters the Subcontractor Default Insurance Market on March 15.|
|Clearwater Select Insurance Company’s name is changed to Greystone Insurance Company (“Greystone”). Greystone now reinsures a portion of Odyssey’s European business and has admitted assets in excess of $1 billion.|
|Newline Group establishes Newline Europe Versicherung AG (Newline Europe) in Cologne, Germany on April 1.|
|Newline Group expands global footprint into Latin America by joining Lloyd’s representative office in Mexico City on July 30.|