NEW YORK--(BUSINESS WIRE)--Hudson Insurance Group (Hudson) today announced that its new Subcontractor Default Insurance (SDI) business unit has commenced underwriting under the direction of Wallace Moreman, Senior Vice President.
"Subcontractor default risk represents another highly specialized market where Hudson can make a difference by offering much needed underwriting expertise to meet the growing needs of larger, sophisticated general contractors,” said Christopher Gallagher, President and CEO of Hudson. “As we celebrate Hudson’s 100th anniversary, the launch of our new SDI business is an exciting and timely development that demonstrates our continued commitment to providing niche products that meet the unique needs of our clients.”
Hudson’s support of general contractors extends back more than 10 years, when it began offering contract surety bonds. SDI is a natural complement to its existing Surety business, which represents 5% of Hudson’s 2017 gross premiums written of $1.1 billion.
Hudson’s SDI product is specifically designed for general contractors whose annual revenue exceeds $50 million. Limits of $30 million per occurrence, $60 million aggregate are available.
About Hudson Insurance Group
Headquartered in New York City with offices throughout the U.S. and in Vancouver, Canada, Hudson is a market-leading specialty insurer that offers a wide range of property and casualty insurance products to corporations, professional firms and individuals through retailers, wholesalers and program administrators. Hudson underwrites specialty primary and excess insurance on an admitted basis through Hudson Insurance Company and on a non-admitted basis through Hudson Specialty Insurance Company and Hudson Excess Insurance Company throughout the U.S. Collectively known as Hudson Insurance Group, its companies are rated A (Excellent) by A.M. Best, Financial Size Category XV. Hudson is the U.S. Insurance Division of the Odyssey Group, a global (re)insurance enterprise wholly-owned by Fairfax Financial Holdings Limited. For more information, visit www.hudsoninsgroup.com.