Hamilton Insurance Group, the Bermuda-based holding company for property casualty reinsurer Hamilton Re, announced that it has entered into exclusive discussions with Wild Goose Holdings (WGH), the Australian-based holding company for Lloyd’s managing agent, Sportscover Underwriting Limited), which manages the Sportscover Syndicate 3334.
Syndicate 3334 writes sports and leisure policies for clients in over 20 countries.
Hamilton’s discussions with WGH will include the future control of Sportscover Underwriting, the provision of capital to Syndicate 3334 for the 2015 year of account, and new joint business development initiatives. Any change of control of Sportscover Underwriting will require approval from Lloyd’s and the Prudential Regulation Authority.
"This is an exciting development for Hamilton Insurance Group," said CEO Brian Duperreault. "Since launching our company late last year, we’ve placed a priority on finding the right strategic fit at Lloyd’s, an institution for which we have the utmost respect as a proud icon of the insurance industry and whose historic franchise is a valuable one for any company looking to do business on a global basis.
"We feel we’ve found that fit with the team at Sportscover, who’ve established an impressive niche as a leading sports and leisure specialist.
"In initial exploratory talks, we’ve developed a very good relationship with WGH Chairman and Sportscover founder Peter Nash. By entering into a period of exclusivity, we expect to complete our discussions to the mutual benefit of Hamilton and WGH."
"We’ve been looking for a strategic partner for the last few years to assist with our plans for growth," said Mr. Nash. "Brian Duperreault’s impeccable record in building successful insurance companies, and his knowledge of and respect for the Lloyd’s market, together with their desire to work with us to grow the sports and leisure business, have made Hamilton a very attractive partner indeed. We expect to have a definitive agreement in place soon."
Sportscover is one of the world’s leading sports and leisure insurance services groups with offices in London, Melbourne, Sydney, Shanghai, and the Pacific Islands. Using a worldwide broker network, Sportscover specialises in accident, liability, property, contingency and travel insurances for sport and leisure.
As a Lloyd’s syndicate, Sportscover Syndicate 3334 benefits from Lloyd’s market rating and is the only A rated dedicated sports and leisure insurer in the world.
Sportscover’s main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd., Sportscover Insurance Ltd, and SCI Capital Ltd.