Sportscover wants to grow in the US and will pursue its plans more aggressively following the sale of its Lloyd’s syndicate to Bermuda-based insurer Hamilton.

Founder Peter Nash says he is looking at opportunities in the US and Australia after last week announcing the company and Hamilton are in talks over syndicate 3334.

He told insuranceNEWS.com.au he is already discussing opportunities for a new business venture in the US.

Syndicate 3334 writes about £48 million ($83.51 million) of sport and leisure risk for Sportscover Australia and its European offshoot.

Mr Nash says it needs an owner with “deeper pockets than ours” to grow. “We will still control the business going into the syndicate.”

He says the US is the biggest sports insurance market, and Sportscover aims to become a major player.

While the sports market there has been based around university and professional sports, demand from older competitors is growing quickly, he says.

There are limited opportunities in the Australian market, “but there is always some bright person who comes up with a slightly new approach. I am very optimistic about growth in our particular niche.”

Contingency events insurance – against events being cancelled – is growing strongly and more individuals want to buy their own cover.

Sportscover is also looking at IT delivery systems.

The company and Hamilton have been in talks for some time, and rumours of the deal had leaked out into the London market.

Lloyd’s and the Australian Prudential Regulation Authority must approve the sale but the parties hope to seal it by the year’s end.

Mr Nash has known Hamilton CEO Brian Duperreault – a former president and CEO of Marsh & McLennan – and its Chief Strategy Officer Bob Deutsch for many years, and says they have had great success growing businesses.