Hamilton Confirms Legacy Book RITC
LONDON, United Kingdom, 20 December, 2017— Hamilton Underwriting Limited, the managing agency of Syndicate 3334 and the Lloyd’s operations of Hamilton Insurance Group (“Hamilton”), today confirmed that Syndicate 3330, with capital provided by 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.”
About Hamilton Underwriting Limited
Hamilton Underwriting Limited is the Lloyd’s managing agency of Hamilton Insurance Group (“Hamilton”), the Bermuda-based holding company for insurance and reinsurance operations in Bermuda, the US and at Lloyd’s. Hamilton leverages analytics and research to create underwriting and investment value for its clients and shareholders. For more information, please visit www.hamiltongroup.com | Twitter: @HamiltonInsures | LinkedIn: Hamilton-Insurance-Group.
The Group was founded by Ken Randall and Alan Quilter in 1991. The overall mission of the Bermuda-based Group is to:
• generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/ reinsurances, including in Lloyd’s; and
• grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable programme business, largely on behalf of highly rated reinsurers.
Chief Financial Officer – R&Q Investment Holdings
+1 (441) 247 8330
About AXA Liabilities Managers and AXA DBIO
AXA Liabilities Managers is an AXA Group company specialising in non-life (re)insurance legacy business acquisition and management. Further details are available on the AXA Liabilities Managers website at www.axa-lm.com.
The present transaction was made through AXA Liabilities Managers’ investment vehicle AXA DBIO which invests in run-off acquisitions.
Media contact :
Communications manager – AXA Liabilities Managers
+33 (0)1 58 36 76 20
About Coverys Managing Agency
Coverys Managing Agency is a fully authorized Lloyd’s managing agency. We deliver the services necessary for the management and oversight of existing syndicates, including Syndicates 1975, 1991, 1110, and 3330. As a third-party managing agent, we also assist businesses in launching underwriting activities at Lloyd’s through new syndicates.
Previously known as R&Q Managing Agency, our agency was formed in 2003 to handle Lloyd’s run-off business and expanded in 2010 to act as a fully-fledged agency managing live syndicates. Coverys acquired the agency in November 2017.
Media contact :
Public Relations Supervisor- Coverys
+ 1 (617) 946.8665