selected territories. Those teams are supported by dedicated claims, actuarial and risk management resources, allowing us to look at the full spectrum of the market from preferred to distressed risks. premiums written. New programs introduced in 2004 contributed to the Division’s double-digit growth, and included: environmental impairment liability for small environmental contractors; professional liability coverage for architects and engineers; and excess liability, including umbrella and specialty general liability. Hudson Programs expanded its existing portfolio of Native American insurance business and non-standard automobile programs in New York and California. During the year, Hudson also assumed a much larger share of a specialty D&O program previously underwritten through our Lloyd’s Syndicate. Opportunities for profitable growth in specialty lines are expected to continue in 2005. The U.S. market for program business is sizeable, and Hudson Program’s disciplined approach to underwriting and pricing will support prudent growth expectations. In the program business, choosing the right partners, managing the quality of the underlying claims and administrative processes, and closely monitoring pricing and performance will continue to be key. Hudson Healthcare will continue to be advantaged in the healthcare sector, where underwriting capacity is expected to remain restricted in many jurisdictions.  Hudson Healthcare provides medical malpractice coverage to hospitals and physicians. In 2004, the unit narrowed the strategic focus of its healthcare business, identifying its preferred customer and geographic segmentation. As part of this initiative, Hudson Healthcare’s underwriters are organized into five teams, each dedicated to expanding the business around specific groups of physicians and hospitals in Overall, the Division will continue to provide diversification of risk to OdysseyRe, while enhancing our future profitability. Healthcare 33% Casualty 33% Auto 26%  Property 8%  15 2004 Gross Premiums Written by Type of Business