Hamilton Underwriting, the managing agency of Syndicate 3334 and the Lloyd’s operations of Hamilton Insurance Group, has reached an agreement with Randall & Quilter (R&Q) in conjunction with AXA DBIO to support the Reinsurance to Close (RITC) of the syndicate’s 2014 and prior years of account.
The RITC has estimated net reserves of about £30 million and is the legacy book that Hamilton inherited when the Bermuda based company purchased Sportscover Underwriting Limited in April 2015.
The RITC will be written by Syndicate 3330 with capital provided by R&Q and AXA DBIO and managed by Coverys Managing Agency.
Commenting on the transaction, Ken Randall, Chairman and Chief Executive Officer (CEO) 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 assuming legacy Lloyd’s business and we look forward to completing further transactions in the future.”
AXA Liabilities Managers (CEO) Sylvain Villeroy de Galhau, added; “we are very pleased to have teamed up with Coverys Managing Agency and R&Q to complete our first deal at Lloyd’s. This deal enables us to establish a presence at Lloyd’s that we look forward to developing.”
Subject to customary regulatory approvals, the RITC will be effective from 31 December 2017 and is
expected to close in early 2018.
Hamilton Underwriting CEO Dermot O’Donohoe, commented; “we’re pleased to have come to an agreement with Coverys Managing Agency, R&Q and AXA DBIO. 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.”