Odyssey's Hudson Insurance acquires The Allegheny Group

Hudson Insurance Group, the US insurance division of Fairfax's Odyssey Group, has acquired surety insurer The Allegheny Group (AGI) from its private shareholders.

The deal includes acquisition of AGI’s wholly-owned subsidiaries Allegheny Surety Company (ASC), a Pennsylvania-based insurance company, and Allegheny Surety Agency (ASA), the affiliated managing agency.

Following the transaction, AGI’s management team and key employees will join Hudson and continue to operate out of Pittsburgh and Philadelphia offices, reporting to Andrew Dickson, senior vice president and head of Hudson Surety.

The acquisition is expected to close within the next 60 days.

Hudson president and CEO Christopher Gallagher said: “We have enjoyed a close and highly-valued relationship with AGI for over 13 years. Having this exceptional team of underwriting and marketing professionals transition from the role of valued partners to close colleagues will help Hudson’s Surety operations grow and expand.”

AGI chairman and CEO Paul Read said: “We are thrilled to be joining the Hudson Insurance Group. Hudson is the optimal fit for our customers, given our long and successful working relationship. Hudson’s strong balance sheet and exemplary customer service will allow us to expand our reach beyond Pennsylvania as well as better serve our existing clients.”