Lloyd’s new approval boosts Hamilton’s scope
Hamilton Underwriting Limited, the Lloyd’s platform of Hamilton Insurance Group, has been given permission to increase its gross written premium by £52 million ($64.6 million) and to write two new lines of business.
Syndicate 3334 had approval for a gross written premium of £69.5 million this year. Lloyd’s has now given approval for that to increase to £122.5 million next year. The two new lines of business the Syndicate can write are marine liability and war and terror.
“We are delighted that Lloyd’s has approved this substantial increase in our capacity for 2017 and has given us the go-ahead to write marine liability and war and terror business,” said Dermot O’Donohoe, chief executive officer of Hamilton Underwriting Limited.
“Since acquiring the Syndicate in 2015, we have recruited market-leading teams of underwriters and significantly scaled up the business.
“Some of our books of business were relatively small and thus subject to volatility if there were major losses, so this increase in capacity allows us to iron out a degree of volatility in the portfolio.
“The current soft market is difficult and there are many challenges, but with our combination of careful risk selection and utilisation of data and analytics to improve our underwriting, we look forward to maximising profitable business opportunities in 2017.”
Last month, Hamilton Underwriting Limited announced it had recruited Mark Appleton from The Navigators Group as head of marine liability. The managing agency is currently seeking a head of war and terror.
Syndicate 3334 also writes accident and health insurance, contingency insurance, property D&F insurance, professional indemnity insurance, space insurance, treaty reinsurance, and financial institutions insurance.