Bermuda-based Hamilton Insurance Group has snapped up a Lloyd’s managing agent and a City insurance broker.

The double acquisition gives Hamilton a major presence at the Lloyd’s of London market through leading sports and leisure insurance company Sportscover — said last year to be worth up to $30 million — and Kinetic Insurance Brokers.

Industry veteran Brian Duperreault, chief executive officer of Hamilton Insurance Group, the holding company for Hamilton Re and recently set up Hamilton USA, said that — pending approval by Lloyd’s and City regulators — the firm would, with Sportscover group holding company Wild Goose Holdings, provide funds at Lloyd’s for the 2015 year of account.

Mr Duperreault added: “This, along with our operations in Bermuda and the US, will provide us with a solid platform to achieve profitable growth.”

Sportscover manages Lloyd’s syndicate 3334, which writes policies for clients in more than 20 countries and was founded by businessman Peter Nash.

Mr Duperreault said: “We’re delighted that our discussions with Peter Nash and his team have produced an agreement that’s to the benefit of all concerned.”

He added: “Syndicate 3334 will be well-capitalised for the 2015 year of account and Peter will rest secure in the knowledge that the innovative niche business established by him will form the basis for the development of an expanded book of business.”

Mr Nash said the deal would benefit both organisations.

He added: “We are looking forward to working with the team at Hamilton to develop the business going forward and we are excited by the prospects for the future.

“In this regard, we’re delighted to be increasing our capital investment in Syndicate 3334 in 2015 and will be developing our business through expanding the global footprint of Sportscover over the next few years.”

Mr Duperreault, who started Hamilton in 2013, signalled last year at the Reinsurance Rendezvous in Monte Carlo that he was on the hunt for new acquisitions to grow the business.

The Royal Gazette reported last year that Hamilton had begun talks with Sportscover after the Lloyd’s firm’s negotiations with former Flagstone Re chairman Mark Byrne broke down.

Hamilton Insurance Group — which has more than $900 million in capital — uses analytics and research to create underwriting and investment opportunities for clients and shareholders.

Hamilton USA, based in Princeton, New Jersey and launched last year, is a technology-driven group of insurance companies servicing agents and brokers.

Sportscover — which has offices in London, Australia, China and the Pacific Islands — specialises in accident, liability, property, contingency and travel insurance for the sports and leisure sector and is the only firm in its sector rated A by Lloyd’s.