The Hudson Insurance Group, the US-based division of Odyssey Re Holdings, has purchased assets pertaining to the crop insurance business of the CropUSA Insurance Agency.
CropUSA has acted as managing general underwriter for Hudson in the crop insurance sector since 2006. As a result of this transaction, Hudson has hired the staff and acquired the portfolio of CropUSA. Going forward, the business will operate under the Hudson Crop brand, and will continue to be led by Kent Petersen, previously the president of CropUSA.
Hudson has been approved to sell multi-peril crop insurance for the 2009 crop year by the Risk Management Agency, the managing agency for the Federal Crop Insurance Corporation. Hudson Crop will also write related products, including crop hail and named peril crop insurance.
Brian Young, CEO of global insurance operations at Hudson, said: We have enjoyed an excellent working relationship with Kent and his team, and are pleased they have decided to join Hudson. Crop insurance has become a meaningful part of our US insurance portfolio, and this transaction will enhance our efforts to expand this class in a dynamic marketplace.