Hamilton Insurance Group has found a buyer for the legacy book the insurer inherited from its purchase of Sportscover Underwriting Ltd. in April 2015.
Syndicate 3330 will buy the business from Hamilton Underwriting Limited, the managing agency of Syndicate 3334 and Hamilton Insurance Group’s Lloyd’s operations. Syndicate 3330 is pursing the acquisition backed by Randall & Quilter (R&Q) and AXA DBIO, and managed by Coverys Managing Agency, according to the deal announcement.
Neither side is disclosing financial terms.
The deal is expected to close in early 2018. Subject to customary regulatory approvals, a Reinsurance to Close (RITC) to oversee the transfer of Syndicate 3334’s 2014 and all prior years of account will be effective beginning on Dec. 31, 2017.
Hamilton Underwriting Ltd. CEO Dermot O’Donohoe said that the transaction “enables us to focus on the 2015 and post years of account as we continue to build a diversified, profitable Lloyd’s syndicate.”
Commenting on the transaction, Ken Randall, chairman of R&Q, said that the collaboration with Coverys Managing Agency and AXA Liabilities Managers gives his company “strong partners for legacy Lloyd’s business and we look forward to completing further transactions.”
AXA Liabilities Managers Chief Executive Officer Sylvain Villeroy de Galhau said that the deal “enables us to establish a presence at Lloyd’s that we look forward to developing.”
Source: Hamilton Underwriting Ltd.