Melbourne-based international underwriting agency Sportscover has denied a UK media report that it will auction off its Lloyd's syndicate, but admits it is seeking new capital.

Director Steve Boucher told insuranceNEWS.com.au the company is “continuing to talk to a number of potential partners” who can help provide capital into 2015 and beyond for further growth.

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

Sportscover already has capital in place for this year and is talking to existing and new capital providers about whether or not they may or may not want to take a share in 2015.

Mr Boucher says Sportscover will “definitely remain involved in the syndicate”, and the new capital could also take the form of an equity stake in Sportscover.

The Sportscover Australia and Europe underwriting agencies bring the syndicate most of its business, he says. “Those underwriting agents will continue to develop the business for the syndicate, so we most definitely will be involved.

“What we’re really saying is we’d like somebody else who shares our vision for the future to also be involved.”

Under its obligations to Lloyd’s, the Sportscover syndicate must get its capital into line by October this year.

“It’s nothing unusual,” Mr Boucher told insuranceNEWS.com.au. “It’s what every Lloyd’s managing agent would be doing at this time of year.”

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

Bermuda-based Haverford ended talks with Sportscover in June this year over the sale of Sportscover Lloyd’s Syndicate 3334 and SCI Capital.