Hamilton Insurance acquiring Lloyd's sports and leisure underwriter and broker
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Hamilton Insurance Group Ltd. on Tuesday said it will acquire Sportscover Underwriting Ltd., a Lloyd's of London managing agency, and Kinetic Insurance Brokers Ltd., a Lloyd's broker, from Wild Goose Holdings Pty. Ltd.
Sportscover manages syndicate 3334, which underwrites sports and leisure policies for clients in more than 20 countries.
Hamilton and Mulgrave, Australia-based-Wild Goose Holdings will provide funds at Lloyd's for the 2015 year of account, the companies said in a statement.
Representatives for the companies said they could not comment on the terms of the deal, which is subject to approval from Lloyd's, the U.K. Prudential Regulation Authority and the Financial Conduct Authority.
Brian Duperreault, CEO of Hamilton, Bermuda-based Hamilton, said in the statement that the company was delighted to have reached 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 United States, will provide us with a solid platform to achieve profitable growth,” he said.
“We are looking forward to working with the team at Hamilton to develop the business going forward, and we are excited by the prospects for the future,” said Peter Nash, founder of Sportscover, and chairman of Wild Goose Holdings in the statement.
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