Hamilton Underwriting approved to start marine liability business

Hamilton Underwriting, the Lloyd’s platform of Hamilton Insurance Group, has obtained approval from Lloyd’s to write two new lines of business in 2017: marine liability, and war and terror. Last month the group announced it had recruited Mark Appleton from Navigators to head its new Marine Liability business.

Hamilton has also gained approval to increase its GWP for Syndicate 3334 to £122.5m for 2017, up from £69.5m this year.

Hamilton Underwriting CEO Dermot O’Donohoe said: “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”.

He added: “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.”

The other classes of business written by Syndicate 3334 are Accident and Health insurance, Contingency insurance, Property D&F insurance, Professional Indemnity insurance, Space insurance, Treaty reinsurance, and Financial Institutions insurance.

O’Donohoe has led Hamilton Underwriting follows Hamilton Insurance Group’s announcement in November 2014 that it had entered into a Share Purchase Agreement with Australian-based Wild Goose Holdings to acquire Lloyd’s managing agent Sportscover (which managed Syndicate 3334) and Lloyd’s broker Kinetic Insurance Brokers Ltd. That deal closed at the beginning of April 2015.