Australia-headquartered niche underwriting agency Sportscover has sold its European businesses to enable a greater focus on expansion in Asia.

Sportscover Europe and Active Underwriting Specialists have been acquired by Resolution Underwriting Holdings and Ashbrooke Group.

Sportscover founder and Group Chairman Peter Nash told insuranceNEWS.com.au the group would continue to have an involvement with the European entities but that it had “become impossible to run a business from 12,000 miles away”.

“We are very happy with the sale and it allows the Australian business to put more into the Asian market” he said.

The financial details of the transaction have not been released but are believed to be “in the millions”.