Hamilton Enters Into Share Purchase Agreement to Acquire Sportscover
HAMILTON, Bermuda, November 18, 2014 – Hamilton Insurance Group (“Hamilton”), the Bermuda-based holding company for property casualty reinsurer Hamilton Re and insurer Hamilton USA, today announced that it has entered into a Share Purchase Agreement to acquire Sportscover Underwriting Limited, a Lloyd’s managing agent which manages Syndicate 3334, and Kinetic Insurance Brokers Limited, a Lloyd’s insurance broker.
Syndicate 3334 writes sports and leisure policies for clients in over 20 countries.
Hamilton, together with Wild Goose Holdings, the holding company for the Sportscover group, will provide Funds at Lloyd’s for the 2015 year of account.
The transactions require the approval of Lloyd’s, the Prudential Regulation Authority and the Financial Conduct Authority.
“We’re delighted that our discussions with Peter Nash and his team have produced an agreement that’s to the benefit of all concerned,” said Hamilton Insurance Group CEO Brian Duperreault. “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.
“Syndicate 3334 will be well capitalized for the 2015 year of account, and Peter will rest secure in the knowledge that the innovative niche business established by him will form the basis for the development of an expanded book of business.
“This is a win for everyone involved in these discussions.”
Peter Nash, Sportscover founder and Chairman of Wild Goose Holdings, said, “I am pleased that we have been able to conclude a deal that will be of great benefit to both of our organizations. 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. In this regard, we are delighted to be increasing our capital investment in Syndicate 3334 in 2015 and will be developing our business through expanding the global footprint of Sportscover over the next few years.”
About Hamilton Insurance Group
Hamilton Insurance Group leverages analytics and research to create underwriting and investment value for its clients and shareholders. As of September 30, 2014, Hamilton Insurance Group had more than $900 million in capital.
About Hamilton Re
Hamilton Re, a Bermuda-based Class 4 property casualty reinsurer, is rated “A-“ (Excellent) with a stable outlook by A.M. Best Company, Inc. and has an A.M. Best Financial Size Category of Class XI.
About Hamilton USA
Headquartered in Princeton, New Jersey, Hamilton USA is a new, technology-driven group of insurance companies that delivers the benefits of cutting-edge analytics and technology to the insurance market, offering rapid, efficient, customized service to its agents and brokers.
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.