Hudson Insurance Company (Hudson) and Builders & Tradesmen’s Insurance Services, Inc. (BTIS) have entered into a Transaction Agreement dated September 25, 2024. BTIS has agreed to acquire the renewal rights of Hudson’s Transactional Commercial Surety business effective October 7, 2024.
Hudson will continue to honor transactional commercial surety bonds in force and quotes issued until October 6, 2024.
Important Notes
- Hudson will continue to write Contract Surety, Large Account Commercial and Customs bonds as part of its long-term strategy in the Surety marketplace.
- These changes will not affect any other appointments or authority you maintain with Hudson.
- Most of the Hudson commercial surety underwriters will join the BTIS team effective October 7, 2024.
Eric Kirchner, Vice President of Surety at BTIS stated, “We are excited to onboard additional Surety talent and expertise while we continue to grow our Transactional Commercial Surety business. As an industry leader, BTIS is renowned for its robust insurance solutions and outstanding client service. BTIS’ addition of Hudson’s Transactional Commercial Surety business further cements its commitment to excellence and growth in the marketplace. This acquisition is a significant milestone and offers a wealth of opportunities for Hudson agents and principals, who will now have access to BTIS’s expansive expertise and diverse product offerings.”
Below are the key dates for the upcoming changes:
October 7, 2024: Hudson will stop initiating new quotes and all incoming business will transition smoothly to BTIS for immediate quoting, issuance, and servicing. Existing quotes prior to October 7th remain valid and will be honored until January 1, 2025, providing ample time to write your business. Also on October 7th, cancellation notices will begin to be sent to both you and your policyholders for bonds renewing as soon as January 1st, 2025. BTIS will work with agents to offer renewal quote options for a majority of our principals to facilitate as smooth a transition as possible.
January 1st, 2025: Hudson will officially conclude writing new and renewal Transactional Commercial Surety business. From this date forward, BTIS will become your go-to for all renewal quotes, new bond quotes, issuance, and servicing.
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