Hamilton Insurance Group is in exclusive talks with the parent company of Lloyd’s managing agent Sportscover Underwriting Ltd — and the parties expect to announce a deal soon.

Hamilton CEO Brian Duperreault said he had been looking for the “right strategic fit” in the Lloyd’s of London market since his company launched late last year and Sportscover fits the bill.

Hamilton’s move follows the breakdown in talks between Sportscover and former Flagstone Re chairman Mark Byrne earlier this year. It was reported in May that the price for Sportscover would be in the region of $20 million to $30 million.

Yesterday’s statement from Hamilton indicated that the company was in discussions with Wild Goose Holdings (WGH), the Australian-based holding company for Sportscover, which manages the Sportscover Syndicate 3334.

Syndicate 3334 writes sports and leisure policies for clients in over 20 countries.

Hamilton’s discussions with WGH will include the future control of Sportscover, the provision of capital to Syndicate 3334 for the 2015 year of account, and new joint business development initiatives. Any change of control of Sportscover Underwriting will require approval from Lloyd’s and the Prudential Regulation Authority.

“This is an exciting development for Hamilton Insurance Group,” Mr Duperreault said. “Since launching our company late last year, we’ve placed a priority on finding the right strategic fit at Lloyd’s, an institution for which we have the utmost respect as a proud icon of the insurance industry and whose historic franchise is a valuable one for any company looking to do business on a global basis.

“We feel we’ve found that fit with the team at Sportscover, who’ve established an impressive niche as a leading sports and leisure specialist.

“In initial exploratory talks, we’ve developed a very good relationship with WGH chairman and Sportscover founder Peter Nash. By entering into a period of exclusivity, we expect to complete our discussions to the mutual benefit of Hamilton and WGH.”

Mr Nash said: “We’ve been looking for a strategic partner for the last few years to assist with our plans for growth,” said Mr. Nash.

“Brian Duperreault’s impeccable record in building successful insurance companies, and his knowledge of and respect for the Lloyd’s market, together with their desire to work with us to grow the sports and leisure business, have made Hamilton a very attractive partner indeed. We expect to have a definitive agreement in place soon.”