Hamilton Underwriting Sells Legacy Book
Hamilton Underwriting Limited, the managing agency of Syndicate 3334 and the Lloyd’s operations of Hamilton Insurance Group [Hamilton], confirmed that Syndicate 3330, with capital provided by Randall & Quilter [R&Q] and AXA DBIO and managed by Coverys Managing Agency, has been successful in its bid to acquire the legacy book that Hamilton inherited when the Bermuda-based company purchased Sportscover Underwriting Limited in April 2015.
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 from 31 December 2017. The deal is expected to close in early 2018.
“We’re pleased to have come to an agreement with Coverys Managing Agency, R&Q and AXA DBIO,” said Hamilton Underwriting Limited Chief Executive Officer Dermot O’Donohoe. “This 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: “We are delighted to have reached agreement with Hamilton in respect of the run-off of their legacy Sportscover business. The collaboration with Coverys Managing Agency and AXA Liabilities Managers provides R&Q with strong partners for legacy Lloyd’s business and we look forward to completing further transactions.”
“We are very pleased to have teamed up with Coverys Managing Agency and R&Q to complete our first deal at Lloyd’s,” said AXA Liabilities Managers Chief Executive Officer Sylvain Villeroy de Galhau. “This deal enables us to establish a presence at Lloyd’s that we look forward to developing.”
