Melbourne-based Sportscover has agreed to sell control of its Lloyd’s managing general agency, Syndicate 3334, to Bermudian company Hamilton Insurance.

Under the deal, which is subject to approval from Lloyd’s and the UK regulators, Sportscover will continue to provide the syndicate with its sport and leisure business.

Peter Nash, founder of Sportscover and Chairman of the group holding company, Wild Goose Holdings, said today the deal is “an excellent outcome for both organisations”.

Kinetic Insurance Brokers, a Lloyd’s broker also owned by Wild Goose Holdings, has also been sold to Hamilton.  

The financial details of the sale have not been disclosed.

Sportscover has agreed to increase its capital involvement in Syndicate 3334 for next year and will work with Hamilton to expand the range and volume of global sports and leisure business written by the syndicate.

Marketing Director Steve Boucher told insuranceNEWS.com.au today that a significant amount of the capital Sportscover raises from the sale will be invested back into the syndicate.

“It’s always been our intention to increase our capital commitment,” he said.  

Mr Nash says the partnership with Hamilton will be “a long-term and highly beneficial strategic partnership, which will also be good for our brokers and clients”.

“Sportscover continues to strive to be the pre-eminent sports and leisure underwriter in the world.”

Hamilton was formed in December last year, and has operations in Bermuda and the US. Its CEO is former Marsh & McLennan President and CEO Brian Duperreault, who says Syndicate 3334 will be well-capitalised for next year.

“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.”

Mr Duperreault will become chairman of Kinetic Insurance Brokers, taking over from Mr Boucher, who will remain a non-executive member of the board.

More information in our regular bulletin on Monday.