Duperreault: Now we focus on organic growth
Bermuda-based Hamilton Insurance Group has broken into the massive Lloyd’s of London market with its latest acquisition.
The firm’s deal to take over Sportscover Underwriting Ltd — a Lloyd’s managing agent for Syndicate 3334 and Kinetic Brokers, a Lloyd’s insurance broker — was confirmed yesterday.
Now Syndicate 3334 will use the name Hamilton at Lloyd’s in marketing, while Kinetic will retain its name, but also use Hamilton Insurance Group branding.
Speaking from London, Hamilton chief executive officer Brian Duperreault said: “Our plan was to have operations in Bermuda, in the US and in Lloyd’s to give us access to the global market. That’s what this brings us.
“Our business plan is to grow our company organically — we have a great game plan and the right structure.”
Mr Duperrault added that he did not rule out a move to more mergers and acquisitions — increasingly common as companies adjust to changing market conditions and tighter margins.
But he said he had no fears about Hamilton Insurance Group becoming a target for takeover itself.
Mr Duperrault added that the group now intended to grow its existing arms.
He said: “Now that we have them, we need to fill them out to maximise their capabilities. Before we go venturing off to some other place, we want to be fully operational.
“We have three different businesses and we want to make sure they get the attention they deserve.”
Since we established our company just over a year ago, gaining a presence at Lloyd’s has been a key strategic initiative as it offers a well-recognised international platform.
“Through our operations in Bermuda, the US and now at Lloyd’s we are able to support profitable growth and expansion on a worldwide basis.”
The former CEO of Torus International Operations, Dermot O’Donohoe has been approved as CEO of the managing agency, to be known as Hamilton Underwriting Ltd.
Mr Duperreault said: “He is a man of great reputation, highly regarded and a person who has grown businesses successfully in the past.”
The completion of the transaction follows Hamilton’s announcement in November 2014 that it had entered into a share purchase agreement with Wild Goose Holdings Pty Ltd (WGH) the Australian-based holding company for the Sportscover group, to acquire Sportscover’s managing agency and Kinetic.
The transaction between Hamilton and Sportscover required the approval of Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Mr Duperreault said: “We would like to extend our appreciation to Lloyd’s, the PRA and the FCA for the guidance they provided throughout this process and for its positive outcome.
“We would also like to thank WGH founder and chairman Peter Nash, as well as the members of his team, for their collaboration in concluding this transaction in a timely and efficient manner.
“We are also very pleased to have Dermot officially on board as CEO of our Lloyd’s operations and look forward to working with him to further develop the foundation established by Sportscover.”
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