Bermuda-based insurer Hamilton Insurance Group is gearing up to enter the Lloyd’s market as it begins strategic partnership talks with Lloyd’s insurer Sportscover.
Sportscover confirmed that the discussions will include the future control of Sportscover, Sportscover’s Lloyd’s managing agency, the provision of capital to Syndicate 3334 for the 2015 year of account and joint business development initiatives.
Brian Duperreault, chief executive officer of Hamilton Insurance Group, added: “The development of our international platform includes establishing a presence at Lloyd’s, an iconic institution whose stature in the insurance industry can’t be overstated. Access to global licenses as well as underwriting expertise makes a Lloyd’s platform highly desirable. We are committed to showing Lloyd’s that our participation will enhance the Lloyd’s franchise over time.
“In that context, Sportscover has established skills and expertise in a niche market that we believe can be further developed with our capital and strategic input. We’ve developed a very good relationship with Peter and his team, and we’re impressed with their portfolio of business. We look forward to working closely with them to achieve our mutual goals.”
Peter Nash, founder of Sportscover and chairman of the group holding company, Wild Goose Holdings, said: “We are pleased with the way that the discussions are progressing and we expect to have a definitive agreement in place soon. We have built up a very good understanding and rapport and both parties feel that a strategic partnership will result in significant future business opportunities to our respective companies.”
“The conclusion of a deal will provide capital that will enable the wider Sportscover group to pursue a path of acquisition and product development that we have been seeking to do for some time. It will also provide capital and growth opportunities for the managing agency and syndicate and we will be increasing our own capital participation in the Sportscover syndicate as a result.”
Hamilton Insurance, Sportscover, Bermuda, Europe, Brian Duperreault, Peter Nash