Sportscover says “potential” capital will enable the company to achieve its expansion plans.
Bermuda-based property and casualty insurer Hamilton Insurance Group has entered into exclusive talks with Lloyd’s insurer Sportscover to purchase a stake in the company.
Sportscover said the discussions are “wide-ranging” and include the future control of Sportscover Underwriting Limited, Sportscover’s Lloyd’s managing agency, and the provision of capital to Syndicate 3334.
Sportscover has been looking for an equity and capital partner to assist with its growth plans over the past few years.
Back in June, talks broke down between the insurer and another Bermudian firm, investment company Haverford, over the sale of its companies Syndicate 3334 and SCI Capital.
With the Hamilton investment, Sportscover said the “potential” capital would enable the company to achieve its expansion plans.
Sportscover wants to make acquisitions and develop its products. The investment will also provide capital and growth opportunities for the managing agency and syndicate.
Sportscover founder and chairman of the group holding company, Wild Goose Holdings, Peter Nash said: “We are pleased with the way that the discussions are progressing and we expect to have a definitive agreement in place soon.
“We have built up a very good understanding and rapport and both parties feel that a strategic partnership will result in significant future business opportunities to our respective companies.”
Hamilton Insurance Group chief executive Brian Duperreault added: “The development of our international platform includes establishing a presence at Lloyd’s, an iconic institution whose stature in the insurance industry can’t be overstated.
“Access to global licenses as well as underwriting expertise makes a Lloyd’s platform highly desirable. We are committed to showing Lloyd’s that our participation will enhance the Lloyd’s franchise over time.”