Resolution, Ashbrooke acquire Sportscover European operations

MGA group  Resolution Underwriting Holdings (Resolution) and Ashbrooke Group, which acquires companies and portfolios in the re/insurance legacy and run-off market, have completed their acquisition of Sportscover Europe Limited (SEL) and Active Underwriting Specialists (Active), the European operations of Sportscover Australia Group, for an undisclosed sum. The acquisitions have received FCA regulatory approval.

The purchase of these specialist MGAs will add significant capability and expertise to both the Resolution and Ashbrooke groups, the companies said.

SEL and Active, and the SEL and Active brands, will continue to operate independently recognising their strong presence and name recognition in the UK and European markets in which they operate. Resolution has facilities in place for the businesses to trade compliantly in the post-Brexit environment.

SEL, led by Martin Crannis, has remained fully operational throughout the significant disruption both the professional and amateur sports and leisure markets have faced due to lockdown restrictions. With the support of its underwriting partners, it has continued to offer customers flexibility, and highly responsive and effective service.

Chris Harman, chairman of Resolution, commented: “We have long thought that Sportscover and Active had excellent leadership in Martin Crannis and are delighted to have agreed their purchase. They are exactly the sort of specialist MGAs with high quality and profitable business, and a strong distribution base, that Resolution seeks.”

Steve Gowland, chief executive of Ashbrooke Group, added: “Ashbrooke has been an investor in Resolution for many years and when the opportunity arose to support the acquisition of Sportscover Europe we did not hesitate. Martin Crannis is a leader in the European sports and leisure insurance market, and we are excited by the significant growth opportunities available to Sportscover Europe that will only be enhanced with the substantial backing of both Ashbrooke and Resolution.”

Founder and director of Sportscover Australia, Peter Nash commented that: “The sale of the European operations will facilitate full licensing in Europe and give our multi-national clients even greater stability. Resolution has a strong plan to take the brand forward in Europe which allows Sportscover Australia the opportunity to focus on growth in the Asia-Pacific and North America.”

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