The Bermuda-based Hamilton Insurance Group has completed the acquisition of Sportscover Underwriting Limited, the Lloyd’s managing agent for Syndicate 3334, and Kinetic Insurance Brokers Limited, a Lloyd’s insurance broker.
Hamilton also announced that former CEO of Torus’ International Operations, Dermot O’Donohoe, has been approved as chief executive officer of the managing agency, which has been renamed Hamilton Underwriting Limited.
This approval confirms the announcement in January, signaling Hamilton’s intention to appoint the veteran Lloyd’s underwriter to lead the development of the company’s operations at Lloyd’s, pending requisite approvals.
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.
The completion of the transaction follows Hamilton’s announcement in November 2014 that it had entered into a share purchase agreement with Wild Goose Holdings Pty Ltd., the Australian-based holding company for the Sportscover group, to acquire Sportscover’s managing agency and Kinetic.
The transaction required the approval of Lloyd’s, the Prudential Regulation Authority and the Financial Conduct Authority.
Together, Hamilton and WGH have provided funds at Lloyd’s for the 2015 year of account.
Hamilton’s CEO Brian Duperreault said gaining a presence at Lloyd’s has been a key strategic initiative for Hamilton since it was established a little more than a year ago.
Now, he said, the company has operations in Bermuda, the U.S. and at Lloyd’s, making it able to “support profitable growth and expansion on a worldwide basis.”
Source: Hamilton Insurance Group
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