1 April 2015News

Hamilton completes Sportscover acquisition

Bermuda-based Hamilton Insurance has completed its acquisition of Lloyd’s managing agent Sportscover Underwriting and Lloyd’s broker Kinetic Insurance Brokers.

The former chief executive officer (CEO) of Torus’ international operations, Dermot O’Donohoe, has been approved as CEO of the managing agency, which has been renamed Hamilton Underwriting.

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.

“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-recognised 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.”