Hamilton achieves finality on Sportscover legacy book

Hamilton Underwriting has successfully reached a deal that rids it of a legacy book it inherited when the Bermuda-based company purchased Sportscover Underwriting in April 2015.

Hamilton Underwriting is the managing agency of Syndicate 3334 and the Lloyd's operations of Hamilton Insurance Group.

It has reached an agreement with Randall & Quilter (R&Q) in conjunction with AXA DBIO, to support the Reinsurance to Close (RITC) of Syndicate 3334’s 2014 and prior years of account.

The RITC will be written by Syndicate 3330, managed by Coverys Managing Agency. The business subject to the RITC has estimated net reserves of £30 million.

Subject to customary regulatory approvals, the RITC will be effective from December-end, and is expected to close in early 2018.

Dermot O’Donohoe, Hamilton Underwriting chief executive officer, said: "We’re pleased to have come to an agreement with Coverys Managing Agency, R&Q and AXA DBIO. This transaction enables us to focus on the 2015 and post years of account as we continue to build a diversified, profitable Lloyd’s syndicate."