…TO FOLLOW RITC DEAL FOR LEGACY SPORTSCOVER BUSINESS

The deal follows the pre-Christmas announcement from R&Q that it was providing capital, alongside Axa Liabilities Managers, to support the reinsurance to close of Syndicate 3334’s 2014 and prior years of account. The business represents the legacy book inherited by Hamilton when it bought Sportscover Underwriting in April 2015, and has estimated net reserves of around £30m. The RITC, which is expected to close in the early part of this year, will be written by Syndicate 3330, managed by Coverys Managing Agency. The deal was Axa Liabilities Managers first at Lloyd’s, and chief executive Sylvain Villeroy de Galhau said the company would be looking to develop its presence in the market.