Bermuda-based Hamilton Insurance Group has broken into the massive Lloyd’s of London market with its latest acquisition.

The firm’s deal to take over Sportscover Underwriting Ltd — a Lloyd’s managing agent for Syndicate 3334 and Kinetic Brokers, a Lloyd’s insurance broker — was confirmed yesterday.

Now Syndicate 3334 will use the name Hamilton at Lloyd’s in marketing, while Kinetic will retain its name, but also use Hamilton Insurance Group branding.

Hamilton chief executive officer Brian Duperreault said: “Since we established our company just over a year ago, gaining a presence at Lloyd’s has been a key strategic initiative as it offers a well-recognised international platform.

“Through our operations in Bermuda, the US and now at Lloyd’s we are able to support profitable growth and expansion on a worldwide basis.”

The former CEO of Torus International Operations, Dermot O’Donohoe has been approved as CEO of the managing agency, to be known as Hamilton Underwriting Ltd.

The completion of the transaction follows Hamilton’s announcement in November 2014 that it had entered into a share purchase agreement with Wild Goose Holdings Pty Ltd (WGH) the Australian-based holding company for the Sportscover group, to acquire Sportscover’s managing agency and Kinetic.

The transaction between Hamilton and Sportscover required the approval of Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Mr Duperreault said: “We would like to extend our appreciation to Lloyd’s, the PRA and the FCA for the guidance they provided throughout this process and for its positive outcome.

“We would also like to thank WGH founder and chairman Peter Nash, as well as the members of his team, for their collaboration in concluding this transaction in a timely and efficient manner.

“We are also very pleased to have Dermot officially on board as CEO of our Lloyd’s operations and look forward to working with him to further develop the foundation established by Sportscover.”