Hamilton marches into Lloyd’s market
Brian Duperrealt-led Hamilton Insurance Group has taken its first steps into the Lloyd’s market with the acquisition of Sportscover Underwriting.
Along with acquiring Sportscover Lloyd’s managing agent, Hamilton is set to acquire Kinetic Insurance Brokers. Both are owned by Wild Goose Holdings.
Sportscover will continue to provide the syndicate with its sport and leisure business.
Brian Duperreault, chief executive officer of Hamilton, will assume the role of chairman of Kinetic, taking over from Stephen Boucher who will remain a non-executive member of the Kinetic Board.
Peter Nash, founder of Sportscover and chairman of Wild Goose Holdings, said: “We are delighted that our discussions with Hamilton have proceeded so well and have resulted in an agreement that represents an excellent outcome for both organisations.
“Under the agreement we will increase our capital involvement in Syndicate 3334 for 2015 and we will work together with Hamilton to expand the range and volume of sports and leisure business written by the syndicate from around the world.
“This will be a long-term and highly beneficial strategic partnership, which will also be good for our brokers and clients as we will increase the capacity and range of the specialist cover that we provide. Sportscover continues to strive to be the pre-eminent sports and leisure underwriter in the world”.
Duperreault added: “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 capitalised for the 2015 year of account, and Peter will rest secure in the knowledge that the innovative niche business he established will form the basis for the development of an expanded book of business. This is a win for everyone involved in these discussions.”