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’Excellent outcome’ for Sportscover and Hamilton talks


Lloyd’s insurer Sportscover and Bermuda-based property and casualty insurer Hamilton Insurance Group Ltd. (’Hamilton’) have finalised their strategic talks and arrived at an ’excellent outcome’, according to Mr Peter Nash, founder of Sportscover and Chairman of the group holding company, Wild Goose Holdings.


Lloyd’s insurer Sportscover and Bermuda-based property and casualty insurer Hamilton Insurance Group Ltd. (’Hamilton’) have finalised their strategic talks and arrived at an ’excellent outcome’, according to Mr Peter Nash, founder of Sportscover and Chairman of the group holding company, Wild Goose Holdings.

“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“, he said.

“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“.

Under the deal, which is subject to approval by Lloyd’s, the Prudential Regulation Authority and the Financial Conduct Authority, Hamilton will assume control of Sportscover Underwriting Limited, Sportscover’s Lloyd’s managing agent but Sportscover will continue to provide the syndicate with its sport and leisure business.

Australian-owned specialist sports and leisure insurer Sportscover entered Lloyd’s in 2006 and has been looking over the past few years for an equity and capital partner to assist with its growth plans. Hamilton was formed in December 2013 with technology partner Two Sigma Investments LLC and is led by insurance industry veteran Brian Duperreault.

Mr. Duperreault said, “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.“

Also as part of the agreement signed yesterday, the control of Kinetic Insurance Brokers, the Lloyd’s broker within the Wild Goose Holdings stable, will pass to Hamilton, subject to regulatory approval. Mr Duperreault, who has previously been President and Chief Executive Officer of Marsh & McLennan Companies Inc., will assume the role of Chairman of Kinetic, taking over from Stephen Boucher who will remain a non-executive member of the Kinetic Board.



Sportscover is one of the world’s leading sports and leisure insurance services groups with offices in London, Melbourne, Sydney, Shanghai, and the Pacific Islands. Using a worldwide broker network, Sportscover specialises in accident, liability, property, contingency and travel insurances for sport and leisure. As a Lloyd’s syndicate, Sportscover Syndicate 3334 benefits from the Lloyd’s market rating and is the only ’A’ rated dedicated sports and leisure insurer in the world. Sportscover’s main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd., Sportscover Insurance Ltd and SCI Capital Ltd.

About Hamilton Insurance Group
Hamilton Insurance Group leverages analytics and research to create underwriting and investment value for its clients and shareholders. As of September 30, 2014, Hamilton Insurance Group had more than $900 million in capital.

About Hamilton Re
Hamilton Re, a Bermuda-based Class 4 property casualty reinsurer, is rated “A-“ (Excellent) with a stable outlook by A.M. Best Company, Inc. and has an A.M. Best Financial Size Category of Class XI.

About Hamilton USA
Headquartered in Princeton, New Jersey, Hamilton USA is a new, technology-driven group of insurance companies that delivers the benefits of cutting-edge analytics and technology to the insurance market, offering rapid, efficient, customized service to its agents and brokers.



For further information please contact:

Chris Nash
Managing Director, Sportscover
+44 (0)20 7398 4080
chris.nash@sportscover.com

Steve Boucher
Director, Marketing and Business Development, Sportscover
+61 (0)3 8562 9100
steve.boucher@sportscover.com