Hamilton Completes Sportscover Acquisition
HAMILTON, Bermuda, April 1, 2015 – Hamilton Insurance Group (“Hamilton”), the Bermuda-based holding company for insurance and reinsurance operations in Bermuda and the US, today announced that it has completed the acquisition of Sportscover Underwriting Limited (“Sportscover”), a Lloyd’s managing agent which manages Syndicate 3334, and Kinetic Insurance Brokers Limited (“Kinetic”), a Lloyd’s insurance broker.
Former CEO of Torus’ International Operations, Dermot O’Donohoe, has been approved as Chief Executive Officer of the managing agency, which has been renamed Hamilton Underwriting Limited. Mr. O’Donohoe’s approval follows an announcement in January, signaling Hamilton’s intention to appoint the veteran Lloyd’s underwriter to lead the development of the Company’s operations at Lloyd’s, pending requisite approvals.
Syndicate 3334 will use the brand name Hamilton at Lloyd’s in marketing and other communications materials. Kinetic retains its name but will be branded as A Member of the Hamilton Insurance Group.
The completion of the transaction follows Hamilton’s announcement in November 2014 that it had entered into a Share Purchase Agreement with Wild Goose Holdings Pty Ltd. (“WGH”), the Australian-based holding company for the Sportscover group, to acquire Sportscover’s managing agency and Kinetic.
The transaction between Hamilton and Sportscover required the approval of Lloyd’s, the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). Together, Hamilton and WGH have provided Funds at Lloyd’s for the 2015 year of account.
“Since we established our company just over a year ago, gaining a presence at Lloyd’s has been a key strategic initiative as it offers a well-recognized international platform,” said Hamilton CEO Brian Duperreault. “Through our operations in Bermuda, the US and now at Lloyd’s, we are able to support profitable growth and expansion on a worldwide basis.
“We would like to extend our appreciation to Lloyd’s, the PRA and the FCA for the guidance they provided throughout this process and for its positive outcome. We would also like to thank WGH founder and Chairman Peter Nash, as well as the members of his team, for their collaboration in concluding this transaction in a timely and efficient manner.
“We are also very pleased to have Dermot officially on board as CEO of our Lloyd’s operations and look forward to working with him to further develop the foundation established by Sportscover.”
About Hamilton Insurance Group
Hamilton Insurance Group is the Bermuda-based holding company for insurance and reinsurance operations that underwrite property and casualty risks in Bermuda, the U.S. and at Lloyd’s. The company leverages analytics and research to create underwriting and investment value for its clients and shareholders.