Hamilton offloads Sportscover legacy book
Hamilton Underwriting Ltd has agreed a deal that will see it transfer the legacy book it inherited when it bought Sportscover Underwriting Ltd in 2015.
“This transaction enables us to focus on the 2015 and post years of account as we continue to build a diversified, profitable Lloyd’s syndicate,” said Dermot O’Donohoe, chief executive officer of Hamilton Underwriting.
The company is the managing agency of Syndicate 3334 and the Lloyd’s of London operations of Bermudian-based Hamilton Insurance Group.
The deal, when all approvals are completed, will see Syndicate 3334’s 2014 and all prior years of account being acquired by Syndicate 3330, with capital provided by Bermudian-based Randall & Quiter and AXA DBIO, and managed by Coverys Managing Agency.
Ken Randall, chairman of R&Q, said: “We are delighted to have reached agreement with Hamilton in respect of the run-off of their legacy Sportscover business.
The collaboration with Coverys Managing Agency and AXA Liabilities Managers provides R&Q with strong partners for legacy Lloyd’s business and we look forward to completing further transactions.”
While Sylvian Villeroy de Galhau, CEO of AXA Liabilities Managers, said: “We are very pleased to have teamed up with Coverys Managing Agency and R&Q to complete our first deal at Lloyd’s. This deal enables us to establish a presence at Lloyd’s that we look forward to developing.”
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