Sportscover sells European operations

Sportscover sells European operations

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Australia-headquartered niche underwriting agency Sportscover has sold its European businesses to enable a greater focus on expansion in Asia.

Sportscover Europe and Active Underwriting Specialists have been acquired by Resolution Underwriting Holdings and Ashbrooke Group.

The purchase of the two MGAs will add significant capability and expertise to both the Resolution and Ashbrooke groups, with Resolution putting provisions in place for the businesses to trade compliantly in the post-Brexit environment.

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.”

Sportscover founder and Group Chairman Peter Nash said the group would continue to have an involvement with the European entities but that it had “become impossible to run a business from 12,000 miles away”.

“We are very happy with the sale and it allows the Australian business to put more into the Asian market” he said.

The financial details of the transaction have not been released but are believed to be “in the millions”.

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