Hamilton Insurance Group has signed a share purchase agreement to acquire Lloyd’s managing agent, Sportscover Underwriting.
Terms of the transaction were not disclosed.
Sportscover manages Syndicate 3334 that underwrites sports and leisure policies for clients in around 20 countries, and Lloyd’s insurance broker Kinetic Insurance Brokers.
Hamilton, along with the holding company of the Sportscover group, Wild Goose Holdings, will provide funds at Lloyd’s for the 2015 year of account.
Hamilton Insurance Group CEO Brian Duperreault said: "We’re delighted that our discussions with Peter Nash and his team have produced an agreement that’s to the benefit of all concerned.
"Pending regulatory approvals, our company will gain a presence at Lloyd’s. This, along with our operations in Bermuda and the US, will provide us with a solid platform to achieve profitable growth."
The transactions are subjected to the approval of Lloyd’s, the Prudential Regulation Authority and the Financial Conduct Authority.
By using a broker network across the globe, Sportscover group provides accident, liability, property, contingency and travel insurances for sport and leisure.
The group has offices in London, Melbourne, Sydney, Shanghai, and the Pacific Islands.
Image: Sportscover manages Syndicate 3334 that underwrites sports and leisure policies. Photo: courtesy of Idea go/ FreeDigitalPhotos.net.