Sportscover is cashed-up and talking to parties in the US, Australia and Britain about acquisitions and partnerships, following the sale of its two Lloyd’s businesses to Bermuda-based Hamilton Insurance Group.

Founder and Chairman Peter Nash says Sportscover has $30 million in cash for acquisitions, and no debt.

“We are looking on a worldwide basis,” he said in an exclusive interview with insuranceNEWS.com.au.

Some Australian businesses are on the radar, and Mr Nash says the company is looking for companies “that have the ability to be solidly in the 21st century”.

While sporting and leisure organisations remain its focus, Sportscover is looking beyond these, including at IT businesses.

“A lot of the processes and structures within the insurance industry are still in the 20th century and I think we are slow as a market segment to adapt to change,” Mr Nash says.

Some of the newer direct insurers are showing the way.

“I think insurance is clearly a 21st-century product and easily adaptable to the electronic age. However, it is not currently being adapted to that.”

Mr Nash sees opportunities to expand in the sports business due to increasing participation in “non-traditional” events such as marathons, canoeing and adventure-style pursuits, as well as Baby Boomers wanting to maintain fitness.

“The very nature of sport is changing; it is no longer just cricket and football.”

Mr Nash expects faster growth through acquisition, although he says the company will grow organically and is preparing to launch new products. “We have in development four new products that will be new to the market – we think they are 21st-century products.”

He expects Sportscover to open several new offices overseas this year.

It is in discussions about potential acquisitions in Asia, where Mr Nash says the growing middle classes will raise interest in sport.

“At this stage we don’t have any firm targets, but we are certainly open to any opportunities that might pop up – but I think that will take two or three years for those opportunities to become obvious.”

The company already does some business in the US, and is looking at a partnership there that would move it towards the £100 million ($193.63 million) premium targeted when it announced the deal with Hamilton.

Hamilton has bought Sportscover Underwriting – the Lloyd’s managing agent for Syndicate 3334 – and Lloyd’s brokerage Kinetic, which Sportscover established in 2006.

Mr Nash says Sportscover had been looking for more than two years for an arrangement that would enable it to raise capital for expansion.

“It is very expensive and time-consuming to do business in Lloyd’s when you are the whole business,” he said.

The regulatory load continues to increase, putting pressure on the market and particularly smaller niche players.

Sportscover’s parent company, Wild Goose Holdings, will increase its capital participation in Syndicate 3334.

Sportscover came close to closing another deal, and Mr Nash says personalities played a big part in the transaction with Hamilton, which was founded in 2013 and is led by former Marsh & McLennan CEO Brian Duperreault.

“He and I seemed to hit it off from the first. His experience with the broking market told me he would be the right person in terms of what we were doing and what we were attempting to do.”

Mr Duperreault says a Lloyd’s presence will support Hamilton’s expansion on a worldwide basis.

The transaction was completed this month.