Melbourne-based Sportscover is seeking acquisitions after agreeing to sell control of its Lloyd’s managing general agency Syndicate 3334 to Bermudian company Hamilton Insurance.

Peter Nash, founder of Sportscover and Chairman of the group holding company Wild Goose Holdings, told insuranceNEWS.com.au the deal’s financial strength provides an opportunity for growth.

“We are already in discussions with a large North American sports insurer about buying 50% of their operation,” he said. “These are exciting times.”

Mr Nash denies the Hamilton deal is crucial to the syndicate’s survival.

“This was not in any way a fire sale – we’ve been working on it for the past four years. But we needed this for our growth strategy.

“Without it we would have constantly been one of the smallest Lloyd’s syndicates. Now we are one of the largest.”

Under the deal, which is subject to approval from Lloyd’s and UK regulators, Sportscover will continue to provide the syndicate with its sport and leisure business.

Kinetic Insurance Brokers, a Lloyd’s broker also owned by Wild Goose Holdings, has also been sold to Hamilton. 

The financial details of the sale have not been disclosed.

Sportscover has agreed to increase its capital involvement in Syndicate 3334 for next year and will work with Hamilton to expand the range and volume of global sports and leisure business written by the syndicate.

Hamilton was formed in December last year and has operations in Bermuda and the US. Its CEO is former Marsh & McLennan president and CEO Brian Duperreault.