Melbourne-based international underwriting agency Sportscover and Bermuda-based Haverford have ended talks over the sale of Lloyd’s Syndicate 3334 and SCI Capital.

Discussions on the sale to Haverford began late last year and continued into this year, according to the companies.

“We had hoped for a different conclusion, but things don’t always work out as you planned,” said Peter Nash, Chairman of Sportscover holding company Wild Goose Holdings.

“We will continue to pursue our group expansion plans as usual and will look at other potential opportunities as they arise.”

Haverford Chairman Mark Byrne says it is “a disappointing end to what we thought was a promising discussion”.

Syndicate 3334 writes mostly sports and leisure business, mainly on behalf of Sportscover Australia and its European offshoot.

A £10 million ($18.8 million) shortfall in its £45.7 million ($85.8 million) capacity was taken up by Haverford after capital provider American Safety was placed in run-off and reinsurer Partner Re withdrew last year.

Sportscover’s main underwriting operations comprise Sportscover Underwriting, Syndicate 3334, Sportscover Australia, Sportscover Europe, Sportscover Insurance and SCI Capital.