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Hudson Insurance Group, based in New York City, announced that the new division will offer "an array of innovative changes" in environmental service, nonenvironmental business and site pollution.
The new unit will work with brokers across the country accepting business on an open brokerage basis.
"The Hudson Environmental Products unit gives brokers direct access to our experienced underwriting and claims professionals, while offering a broad range of environmental producers that will create tremendous value to their clients," said Steve Porcelli, Hudson Insurance Group's senior vice president.
Hudson Insurance Group, which specializes in primary and excess insurance coverages, already has three insurance units: Hudson Programs, Hudson Healthcare and Hudson Financial Products.
It will probably be six months to a year before the Environmental Products unit has any impact on Odyssey Re's bottom line, said Mark Dwelle, an analyst who follows Odyssey Re for Richmond, Va.-based RBC Capital Markets.
"The company writes $3 billion in insurance premiums," he said. "It's going to take time for it to be material to its business."
As far as how the new unit will do in today's economy, Dwelle said, "It's probably too soon to tell."
More insurance companies have expanded
coverage for environmental risk since the late 1980s because of greater sensitivity to the natural environment, said Claire Wilkinson, a spokeswoman for the Insurance Information Institute in New York City.
"Businesses today are approaching their environmental risk with greater sophistication," she said.
- Staff Writer Michael C. Juliano can be reached at michael.juliano@scni.com or 964-2417.
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