21 December 2017Insurance

Hamilton offloads £30m legacy syndicate to R&Q and AXA

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 Syndicate 3334’s 2014 and prior years of account.

The RITC will be written by Syndicate 3330, managed by Coverys Managing Agency. The business subject to the RITC has estimated net reserves of £30 million and is a legacy book that Hamilton inherited when the Bermuda-based company purchased Sportscover Underwriting Limited in April 2015.

Subject to customary regulatory approvals, the RITC will be effective from December-end, and is expected to close in early 2018.

Dermot O’Donohoe, Hamilton Underwriting chief executive officer, said: "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."

Take part in our reader survey to be in with a chance to win a £3,000 corporate subscription to Intelligent Insurer

More of today's news

UK regulator to allow EU insurers to operate normally post-Brexit

GIC Re gets green light for new Lloyd's syndicate

Chaucer hails first sidecar as it seeks greater flexibility

ICA declares catastrophe after storms hit Victoria, Australia

Enstar in reinsurance-to-close deal with Neon’s Syndicate 2468

Latest Prudential-Legal & General longevity deal marks a resurgent sector

Gramercy Risk raises cash for venture into insurance

Ardonagh Group completes two acquisitions

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

8 January 2018   Randall & Quilter (R&Q), the specialist non-life legacy insurance investor and capacity provider of US and European MGA programme business, has made a number of changes to its senior management team. The business said it wants to simplify its group structure.
19 February 2018   Bermuda-based Randall & Quilter (R&Q) has completed a transaction providing capital to support the reinsurance to close (RITC) of Hamilton Underwriting’s Syndicate 3334’s 2014 and prior years of account.
20 February 2018   Hamilton Underwriting, the managing agency of Syndicate 3334 and the Lloyd’s operations of Bermuda-based Hamilton Insurance Group, has reorganized its underwriting team.