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Sportscover focusing on expansion following approval of Hamilton deal
Following regulatory approval for the change of control of two of its Lloyd’s businesses - Lloyd’s managing agency Sportscover Underwriting Limited, and the Lloyd’s brokerage Kinetic Limited - to the Hamilton Insurance Group Ltd, Sportscover is focusing on expanding its global footprint and range of services.
The substantial multi-million dollar deal between Sportscover’s parent company, Wild Goose Holdings and Hamilton, is seen as a major triumph for the group and has now received approval from the Prudential Regulation Authority, the Financial Conduct Authority and Lloyd’s.
Commenting on the changes, Group Chairman and founder, Peter Nash stated “we have built up a close relationship and good understanding with our friends at Hamilton and we are looking forward to continuing to work with them on future business opportunities.
“The conclusion of the deal will enable the wider Sportscover group to focus on its expansion plans through acquisitions and product development in order to continue with the international growth of the group.
“We expect to be making some announcements in the near future in that regard.”
Australian-owned and multi-award winning specialist sports and leisure insurer Sportscover established the businesses in Lloyd’s in 2006 and has been looking over the past few years for an equity and capital partner to assist with its growth plans.
Under the terms of the agreement, Sportscover’s group holding company, WGH, has also increased its capital participation in Syndicate 3334.
Adopting the mantra ‘We are Sport’, Sportscover is continuing to broaden the range of services it provides to the sports and leisure industry.
Last month Sportscover announced that it had entered into an agreement with British Weightlifting to help promote the sport as part of its status as official insurance partner. Sportscover already provides risk management services and topical information on the
developments and risks in sport through its popular free quarterly magazine ‘Touchline’. This has led to the development of Touchline TV which airs interviews with some of the top decision makers in sport.
There is also a drive to increase the geographical presence of the group. Sportscover is in discussions with a joint-venture partner about developing a US operation and also looking for a European acquisition to strengthen its position in Europe. Although already a well established major sports insurer in the Irish and Norwegian markets, Sportscover now intends to increase the business that it has elsewhere in Europe through a suitable acquisition.
Commenting on how Sportscover will be looking to focus in on two or three main targets in the next few months, Nash added “this is a very exciting time for the group.
“This deal will enable us to put into place the plans that we have for expanding the group (and now) wWe are focusing on a number of developments that will cement our position as the number one provider of sports insurance and related services and these developments will bring real benefits to our brokers and clients.
“We are also well advanced with our plans for greater global reach. We will be making a series of announcements on these developments during the year.”
Sportscover is one of the world's leading sports and leisure insurance services groups. Through its international offices working with a worldwide broker network, Sportscover provides specialist cover to millions of clients around the world for accident, liability, property, contingency and travel.
For more information, click here to contact Sportscover Australia via their listing in the Australasian Leisure Management Supplier Directory.
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