Sportscover Australia says it is business as usual at the specialist underwriting agency, despite its parent company’s financial difficulties.

As reported last week by insuranceNEWS.com.au, Wild Goose Holdings (WGH) – which owns 100% of Sportscover – has gone into voluntary administration. A first meeting of the creditors took place on Friday.

Sportscover Australia CEO Simon Allatson told insuranceNEWS.com.au that while the development is “very unfortunate” it “does not impact on our business”.

“Our binders for liability, personal accident, contingency and property remain in place with our partners within Lloyd’s and we will continue to support the broker market in providing our sports and leisure products as we have for the past 33 years,” he said.

“For as long as I have been CEO, we have been very profitable and serving the needs of the market very well.

“This issue has nothing to do with us at all and is not of our making.”

Sportscover founder and Chairman Peter Nash, who is a director of WGH, told insuranceNEWS.com.au the voluntary administration “relates back to the dim and distant past with our syndicate”. He declined to comment further at this stage.

In 2014 Sportscover agreed to sell control of its Lloyd’s managing general agency, Syndicate 3334, to Hamilton Insurance.

WGH also owns Sportscover’s European operations and is believed to have shareholdings in other businesses across different industries.

Hollard owns a minority shareholding in the company but is not represented on the board.