Lloyd’s, FSA Approve New MGA for ‘Sportscover’ Syndicate

January 6, 2009

The Financial Services Authority and Lloyd’s have given approval for a new managing agency to assume the management of the Sportscover syndicate, 3334 SCS. The new managing agency, Sportscover Underwriting Limited (SCU), commenced operating on December 24, 2008.

“Sportscover’s syndicate started writing business in Lloyd’s in 2006 and has been highly successful in focussing on writing sports and leisure business from many markets around the world,” said Lloyd’s bulletin. It also noted that this type of business “has largely not previously been seen at Lloyd’s.”

SCU’s CEO, Matthew Riley commented: “We are delighted that Lloyd’s has approved our application. It demonstrates their support for businesses within the market and in assisting them to grow. Lloyd’s excels in providing a platform for unique ‘specialisms’ and capacity such as ours”.

The announcement also noted that the SCU’s Board “includes some highly experienced market practitioners in both executive and non-executive roles. The non-executive Chairman of SCU, Bob Wallace, has had a long and distinguished career as a Lloyd’s underwriter as well as having held several executive positions within managing agencies. Also on the board are Syndicate 3334 Active Underwriter Peter Nash, Deputy Underwriter Chris Nash and former England rugby star, Andrew Ripley.”

Group Managing Director, Peter Nash, who founded the Company in 1986, commented: “This is a significant achievement for Sportscover. We have come a long way since the company was established and we now write business in 16 countries on four continents and have offices in six cities.

“It proves the worth of our business model and is a tribute to the hard work and dedication of all the staff in the wider Group. We have always been convinced that Lloyd’s is the right market for us and have stuck to our strategy to achieve our goal. This provides another major step in the Group’s development.”

Australian owned Sportscover is a leading sports and leisure insurance service group with offices in Melbourne, Sydney, Perth, London, Toronto and the Pacific. “Using a worldwide broker network, Sportscover specializes in accident, liability, property and contingency insurance for sport and leisure,” said the bulletin. “As a Lloyd’s syndicate, SCS 3334 benefits from Lloyd’s market rating and is the only ‘A’ rated dedicated sports and leisure insurer in the world.”

Source: Lloyd’s – www.lloyds.com

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