- What if I owned a... football club
-
Owning a football club is one of the riskiest commercial ventures around but nearly all the risk exposure issues are insurable.
Huge television deals and global advertising sponsorship opportunities continue to tempt investors from around the world into acquiring UK
premier league soccer clubs.
Many of the buyers are canny business people adding diversity to vast corporate empires. Some of them are simply passionate fans of the
beautiful game, whose entrepreneurial judgement has been left on the bench.
Whichever way you look at it, owning a football club must surely be one of the riskiest commercial ventures around. How many other enterprises
combine so many risks, from the high value human capital of the players right through to the complex public liability risks represented by a
football ground filled with delirious (or disappointed) fans?
Read the whole story at Lloyd's
- Lloyd's 40% increase in half year results underlines
security of Lloyd's in difficult financial times
-
LL20/09
24/09/2009
Lloyd's reports interim results
Highlights
Lloyd's, the world's leading specialist insurance market, today announced an interim profit before tax of £1.32 billion
for the six month period ending 30 June 2009 (£949m, June 2008). The result reflects continuing underwriting discipline and a relatively low level
of catastrophe claims.
A conservative investment mix has resulted in a positive return of £708 million during a period of continuing volatility
in financial markets.
Lloyd's Chairman, Lord Levene, said:
"The first six months result has been achieved in what remain challenging circumstances. The market is in solid
financial shape and business volumes have increased as a result of brokers and policyholders seeking to use the security of the Lloyd's
platform."
"External conditions, however, remain difficult with the US windstorm season and recessionary trends continuing
to pose a threat to the insurance industry."
Lloyd's Chief Executive Richard Ward added:
"Lloyd's prudent and conservative approach has ensured that our capital position and ratings remain strong. While we are
well placed to take advantage of opportunities through the market's wide product range and distribution channels, our focus must remain on underwriting
profitability."
Notes to editors
- A copy of Lloyd's Interim Report and presentation to analysts can be accessed at:
www.lloyds.com/2009interims
- A combined ratio is a measure of an insurer's underwriting profitability based on the ratio of net incurred claims plus net
operating expenses to net earned premiums. A combined ratio of 100% is break even. A ratio of over 100% is a loss; less than 100% is a profit.
- Sources of combined ratios figures for international peer groups (i) US P&C industry - Insurance Information Institute
(estimate - September 2009), (ii) US r/i) - Reinsurance Association of America (August 2009), (iii) Bermuda), Europe P&C & r/i industry, Company
Returns / Lloyd's analysis (September 2009).
- Central assets include the assets of the Central Fund and the other assets of the Corporation. In aggregate, the value of Lloyd's
central assets, excluding the callable layer and the liability in respect of the subordinated debt, amounted to £2.0bn at June 2009 (£1.9bn June 2008)
- Balance due to/from Members and Funds at Lloyd's represent the aggregate of each member's resources. These resources operate on a
several basis and are only available to meet each member's share of claims. Central Assets are available at Council's discretion to meet the liabilities of any
member on a mutual basis.
- Foreign exchange rates may materially fluctuate from the rates prevailing at 30 June 2009 (£1 = US$1.65, £1 = €1.17)
- This press release includes forward-looking statements. These statements are based on currently available information and consistent
accounting policies as applied at 30 June 2009. They reflect Lloyd's current expectations, projections and forecasts about future events and financial performance.
All forward-looking statements address matters that involve risks, uncertainties and assumptions. Based on a number of factors, actual results could vary materially
from those anticipated by the forward-looking statements. These factors include, but are not limited to, the following:
- rates and terms and conditions of policies may vary from those anticipated;
- actual claims paid and the timing of such payments may vary from estimated claims and estimated timings of payments, taking into account the preliminary nature of
such estimates;
- claims and loss activity may be greater or more severe than anticipated, including as a result of natural or man-made catastrophic events;
- competition on the basis of pricing, capacity, coverage terms or other factors may be greater than anticipated;
- reinsurance placed with third parties may not be fully recoverable, or may not be paid on a timely basis, or such reinsurance from creditworthy reinsurers may
not be available or may not be available on commercially attractive terms;
- developments in the financial and capital markets may adversely affect investments of capital and premiums, or the availability of equity capital or debt;
- changes in legal, regulatory, tax or accounting environments in relevant countries may adversely affect (i) Lloyd's ability to offer its products or attract capital,
(ii) claims experience, (iii) financial return, or (iv) competitiveness; and
- economic contraction or other changes in general economic conditions could adversely affect (i) the market for insurance generally or for certain products offered by
Lloyd's, or (ii) other factors relevant to Lloyd's performance.
The foregoing list of factors is not comprehensive, and should be read in conjunction with other cautionary statements that are included herein
or elsewhere. Lloyd's undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
For further information, please contact:
Louise Shield
Tel: +44 (0)20 7327 5793 Fax: +44 (0)20 7327 5229 Email:
moc.sdyoll@dleihs.esiuol
Bart Nash
Tel: +44 (0)20 7327 6272 Fax: +44 (0)20 7327 5229 Email:
moc.sdyoll@hsan.trab
For urgent out of hours media calls Tel: +44 (0)7659 597 825
- Touchline Magazine
-
Touchline Magazine
The journal of sport and risk with an international perspective.
Click here to download Edition 4. Back issues available here.
- Sportscover Australia wins ANZIIF Underwriting Agency of
the Year Award
-
Media Release
31 July 2009
Sportscover Australia wins ANZIIF
Underwriting Agency of the Year Award
Download this Media Release as PDF
Sportscover Australia has been named as Underwriting Agency of the Year at the 2009 Australia and New Zealand Insurance Industry Awards. This was the
inaugural award for this category, sponsored by Lloyd's.
Murray Anderson, CEO of Sportscover Australia said, "We are very proud to have won this award against some stiff competition. It is a great tribute
to the whole team; our staff, our broker network and our clients, because without their fantastic support we would not have been able to grow so
significantly over the past 23 years."
Sportscover Australia is a specialist sports and leisure underwriting agency which was originally established by Peter Nash in 1986. Since then,
Sportscover has grown to become a worldwide sports and leisure insurance services group which includes a Lloyd's managing agent (Sportscover
Underwriting Limited) and a Lloyd's syndicate (3334 SCS). Sportscover Australia continues to operate as an underwriting agency with authority to
write business on behalf of the Sportscover syndicate.
Sportscover's Chairman, Peter Nash, was also one of three finalists in the Insurance Leader of the Year Award.
Joan Fitzpatrick, CEO, the Australian and New Zealand Institute of Insurance and Finance (the Institute) said, "On behalf of the expert judging panel,
I wholeheartedly congratulate the winners of this year's awards on their tremendous achievement. Being named as a winner is no ordinary feat,
competition is always fierce and with a record number of submissions the calibre this year was incredibly high."
She added, "We are supremely proud of the winners and their innovation, high professional standards, customer service focus and industry leadership.
The Insurance Industry Awards are a great opportunity for our industry to take pride in its achievements and excellence. I know that each winner
will be extremely proud of their success."
The winners of each category were announced at the Insurance Industry Awards Gala at the Parkside Ballroom, Sydney Convention and Exhibition Centre,
on Thursday 30 July.
- ends -
For further information please contact:
Australia - Steve Boucher +61 (0)2 4381 2266; e-mail: moc.revocstrops@rehcuob.evets
or Martin Kelly +61 (0)3 8562 9100; moc.revocstrops@yllek.nitram
UK - Matthew Riley or Chris Nash +44 (0)20 7398 4080; moc.revocstrops@gnitekram
- "Tremendous 12 months" as Sportscover announced as finalist in two
categories in Insurance Awards
-
Media Release
2 July 2009
"Tremendous 12 months" as Sportscover announced as finalist in two categories in Insurance Awards
There is a double celebration at Sportscover following the announcement of the finalists in the Australia and New Zealand Insurance Industry Awards for 2009.
Peter Nash, Group Chairman and Director of Underwriting for Sportscover's Lloyd's syndicate is a finalist in the Insurance Leader of the Year category for the third
year in succession. The two other finalists in that category are Frank O'Halloran, QBE's Chief Executive Officer and Simon Swanson, former Managing Director of CommInsure.
It has been a year of achievement for Mr Nash with the launch last December of Sportscover's own managing agency at Lloyd's, Sportscover Underwriting Limited, which
manages the Sportscover syndicate.
"It has been a tremendous 12 months for the Sportscover group and being a finalist in the Insurance Leader of the Year just tops it off", Mr Nash said.
Sportscover Australia has also been named as one of three finalists for the inaugural award of Underwriting Agency of the Year.
Murray Anderson CEO of Sportscover Australia said, "This is a great tribute to the whole team; our staff, our broker network and our clients. Without their fantastic
support we would not have been able to grow so significantly over the past 23 years".
Joan Fitzpatrick, Institute CEO and Chair of the Judging Panel commented that only those submissions that are deemed to be of a suitable standard have been included in
the list of finalists.
"Being judged a finalist in your category is an outstanding achievement in itself and something to be very proud of. The competition in each category was very strong
and standards were high," Ms Fitzpatrick said.
The winner in each category will be announced at the Insurance Industry Awards Gala at the Parkside Ballroom, Sydney Convention and Exhibition Centre, Thursday 30 July.
- ends -
For further information please contact:
Australia - Steve Boucher +61 (0)2 4381 2266; e-mail: moc.revocstrops@rehcuob.evets
or Martin Kelly +61 (0)3 8562 9100; moc.revocstrops@yllek.nitram
UK - Matthew Riley or Chris Nash +44 (0)20 7398 4080; moc.revocstrops@gnitekram
For details on all finalists, please see the Institute's website at:
www.theinstitute.com.au/anziif
- Sportscover supports the Lloyd's Games
News Bulletin
11 June 2009
Sportscover supports the Lloyd's Games
For the past twenty years, the Lloyd's Community Programme (LCP) has been supporting the community in the City
of London. As a celebration for this, the 20th year, the LCP
organised
the Lloyd's Games. The event
was held on 9 June, involving hundreds of London school children, and giving them the opportunity to see what
it would be like to compete in the Olympics.
Ben Wiggins and Jane Anderson, both assistant underwriters at Sportscover, were two of the volunteers at the Games.
Ben said: "We provide cover every day for people taking part in amateur sports, so when we saw it advertised we
wanted to get involved. It represents the ethos of our business and allows us to work with kids in the area.
It's been hectic, but it's been great fun."
The children took part in eight sports, many of which will feature when the Olympics come to London in 2012,
including track and field events, football, hockey, handball and volleyball. The event culminated in a multi-sport
relay final.
For the full story and photos of the participants, check out the article in the
Lloyd's News Centre.
- Sportscover Underwriting Limited opens Box 210 at Lloyd's
News Bulletin
7 May 2009
Sportscover Underwriting Limited
opens Box 210 at Lloyd's
Sportscover Underwriting Limited, which manages Sportscover syndicate, 3334 SCS, has opened Box 210 at Lloyd's.
Active underwriter, Chris Nash said, "Since Sportscover Underwriting Ltd took over the management of syndicate 3334 last year, we
have been working to further increase our profile and brand in the Market. Whilst we have seen a significant increase in business
through our office in the London Underwriting Centre, this is a natural step to see more business from passing brokers in Lloyd's."
He added "In the few days we have been open we have already had quite a lot of interest".
Sportscover's syndicate started writing business in Lloyd's in 2006 and has been highly successful in focussing on writing sports and
leisure business from many markets around the world. This is business that has largely not previously been seen at Lloyd's.
Sportscover Underwriting Ltd CEO, Matthew Riley, said, "Space in Lloyd's has been at a premium and it took us a few months to secure
the Box in Lloyd's. However, we see this as another important step in our expansion plans".
- ends -
For further information please contact:
Australia - Steve Boucher +61 (0)2 4381 2266 or Martin Kelly +61 (0)3 8562 9100
UK - Matthew Riley or Chris Nash +44 (0)20 7398 4080
- Touchline Magazine
-
Touchline Magazine
The journal of sport and risk with an international perspective.
Click here to download Edition 3. Back issues available here.
- Sportscover Offers Immediate Assistance to Insureds affected by Bushfires
Media Release
11 February 2009
Sportscover Offers Immediate Assistance
to Insureds affected by Bushfires
Sports and leisure insurer Sportscover has offered immediate assistance to client businesses that have been directly affected by the
Australian bush fires. Sportscover has set aside initial funds for distribution to affected clients to ensure that they can start to
rebuild operations as soon as possible.
Sportscover's Lloyd's syndicate is a major sports and leisure insurer in Australia. Group Chairman, Mr Peter Nash said, "The size of
the human and economic tragedy is enormous and our hearts go out to those affected. Although as an insurer we do not appear to have
suffered significant losses, we do have a number of client businesses in the areas that may have been very badly affected by the bush
fires. They may need urgent assistance to start the rebuilding process and we are here to help".
Mr Nash continued, "The first thoughts on everybody's mind is to make sure that people are safe. However, for many of these communities
their local footy club or recreation centre is the focal point and that is where we can help to try to get things back to some kind of
normality as soon as possible."
A telephone hotline 1300 134 956 is available for policyholders to notify possible claims.
Sportscover has also announced that its annual Sportscover Sponsorship Fund which is normally allocated to amateur sports clubs based
upon submissions from around the country, will this year be allocated to sports clubs who have been affected by the Victorian bush fires.
The Fund will be used to distribute grants of $1,000 per club to replace sports equipment that has been lost due to this disaster.
Sportscover Australia's CEO Murray Anderson commented, "Whilst some clubs around the country may be disappointed that they will not be
eligible to apply for the sponsorship grants this year, we believe that this is an appropriate way in which Sportscover can assist those
clubs most affected by the Victorian bushfire tragedy".
Affected clubs who wish to apply can do so through Sportscover's web-site www.sportscover.com/bushfires
- Ends -
For further information contact:
Australia - Steve Boucher +61 (0)2 4381 2266 or +61 (0)400 243600
UK - Matthew Riley or Chris Nash +44 (0)20 7398 4080
- Touchline Magazine
-
Touchline Magazine
The journal of sport and risk with an international perspective.
Click here to download Edition 2. Back issues available here.
- Sportscover Managing Agency Approved by the FSA and Lloyd's
-
Media Release
6 January 2009
Sportscover Managing Agency
Approved by the FSA and Lloyd's
|
The Financial Services Authority and Lloyd's have given approval for a new managing agency to assume the
management of the Sportscover syndicate, 3334 SCS. The new managing agency is known as Sportscover
Underwriting Limited ("SCU") and commenced operating on 24 December 2008.
Sportscover's syndicate started writing business in Lloyd's in 2006 and has been highly successful in
focussing on writing sports and leisure business from many markets around the world. This is business
that has largely not previously been seen at Lloyd's.
SCU's CEO, Matthew Riley, said, "We are delighted that Lloyd's has approved our application. It demonstrates
their support for businesses within the market and in assisting them to grow. Lloyd's excels in providing a
platform for unique specialisms and capacity such as ours".
The SCU Board includes some highly experienced market practitioners in both executive and non-executive roles.
The non-executive Chairman of SCU, Bob Wallace, has had a long and distinguished career as a Lloyd's underwriter
as well as having held several executive positions within managing agencies. Also on the board are Syndicate 3334
Active Underwriter Peter Nash, Deputy Underwriter Chris Nash and former England rugby star, Andrew Ripley.
Sportscover was founded in 1986 by Group Managing Director, Peter Nash. Mr Nash commented, "This is a significant
achievement for Sportscover. We have come a long way since the company was established and we now write business in
16 countries on four continents and have offices in six cities. It proves the worth of our business model and is a
tribute to the hard work and dedication of all the staff in the wider Group. We have always been convinced that Lloyd's
is the right market for us and have stuck to our strategy to achieve our goal. This provides another major step in the
Group's development."
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- Ends -
For further information contact:
Australia - Steve Boucher +61 (0)2 4381 2266 or Martin Kelly +61 (0)3 8562 9100
UK - Matthew Riley or Chris Nash +44 (0)20 7398 4080
- Radio Interview with Peter Nash
Peter Nash, Managing Director of Sportscover was recently interview by the Sports Entertainment Network
on the subject of Contingency Insurance. Please click on the below link to listen to an audio recording of the interview.
Peter Nash - Radio Interview
- A New Force In Canadian Sports Insurance Announced
-
Media Release
4 October 2007
A New Force In Canadian Sports Insurance Announced
Leading Canadian Special Risk managing general underwriter, W. J. Sutton & Company Limited, and global sports insurer, Sportscover,
today jointly announced the launch of a new company focussing on sports insurance in Canada. Sutton Sportscover Limited, as the new joint
venture is known, will provide comprehensive, tailor made insurance for sports federations, associations and clubs.
The joint venture brings together two experienced international specialists in the sports insurance field. W J Sutton has been a
well-respected name in special risk accident and health insurance for many years in the Canadian and US markets. Sportscover is an Australian
owned company that has expanded from its Asia Pacific base to become a major name in sports insurance in Europe and last year launched a
syndicate at Lloyd's.
Sutton Sportscover Limited will offer a broad range of sports insurance including Personal Accident, Public Liability, Professional Indemnity,
Directors and Officers, Property and Contingency Insurances through Lloyd's.
W J Sutton President, Bill Sutton remarked, "Our new joint venture with Sportscover has resulted from the similar histories of two long-time
Lloyd's Correspondents, brought together by our mutual friend and colleague of many years, Steve Boucher. The similarity of the paths of the
two companies has set the backdrop for an ideal partnership. Our respective experiences in professional and amateur sports from five different
continents will provide a combination of products, services and knowledge not seen before. We look forward to working together with Sportscover.'
Sportscover Director Chris Nash said, 'We are delighted to be in Canada and teaming up with such a well-respected sports specialist in Sutton's.
We consider this joint venture in the Canadian market to be a significant step in our worldwide development. This is an exciting opportunity for
both of our companies.'
W J Sutton & Co was founded in 1978 and initially specialized in providing insurance products and services to respond to the unique needs of
professional sports teams and athletes. Over time, the company has developed into a broad Specialty Accident & Health Underwriter, offering
Special Risk coverage's for many diverse clients and risks.
Sportscover is one of the world's leading sports insurance underwriters with offices in Australia, the United Kingdom, and the Pacific.
Using a worldwide broker network, Sportscover specialises in accident, liability, property and contingency insurances for sport. Sportscover's
Lloyd's syndicate, SCS 3334, managed by Argenta Syndicate Management Limited, is the only A+ rated dedicated amateur sports insurer in the
world.
For contact details, please visit the Sportscover Sutton website at www.suttonsportscover.com
- Ends -
- Sportscover Launch in Ireland with O'Driscoll O'Neil
Media Release: 15th June 2007
-
Media Release
15th June 2007
Sportscover Launch in Ireland
with O'Driscoll O'Neil
Sportscover yesterday announced their launch into the Irish market, teaming up with broker and fellow
sports specialist O'Driscoll O'Neil.
The partnership makes O'Driscoll O'Neil the only Irish contact in the Sportscover Accredited
Broker Network, which stretches right across the globe. Sportscover will offer a broad range
of amateur sports insurance products in Ireland including Personal Accident, Public Liability,
Professional Indemnity, Directors and Officers, Property and Contingency Insurances for Irish
Sporting Clubs and Associations.
This latest move comes on the back of Sportscover's further expansion into European markets in recent months
including Scandinavia and the Iberian nations.
Sportscover Director, Chris Nash said:
'We are delighted to be in Ireland and teaming up with a sports specialist similar to ourselves,
in O'Driscoll O'Neil. This is an exciting opportunity for Sportscover and we see the Irish market
as an important phase of our worldwide development.'
O'Driscoll O'Neil Managing Director, Niall O'Driscoll said:
'Sportscover are the world's leading underwriter of amateur sports insurance, and will bring a wealth of
knowledge to the Irish sports insurance market. Their reputation is second to none, and to have them in Ireland
is great for Irish sport at all levels.'
Sportscover is one of the world's leading sports insurance underwriters with offices in the United Kingdom,
Australia, and Vanuatu providing cover to over two million sportspeople throughout the world. Using a worldwide
broker network, Sportscover is a renowned specialist in sports insurance.
For further information about the launch please contact Beth May +44 207 398 4080
- Sportscover launch Syndicate at Lloyd's
Media Release: 16th August 2006
-
Media Release
16th August 2006
Sportscover launch Syndicate at Lloyd's
Sportscover has today announced the launch of Sportscover Syndicate 3334.
In a unique move Sportscover have started a Syndicate at Lloyd's of London that will specialise
in amateur sports insurance.
Sportscover has gone from strength to strength in its 20 year history. The company was started
in 1986 by a group of active sports people wanting to improve the quality of sports insurance in Australia.
Peter Nash, Active Underwriter of Sportscover Syndicate said the company is extremely excited
about the new venture.
'The staff and management of Sportscover are looking forward to this new phase for our company and
the opportunities it will create for Sportscover to further expand across the world.'
Director of International Business Development for Sportscover, Steve Boucher, said the launch
of Syndicate 3334 was a great step for Sportscover's future.
'This exposure to the London Lloyd's market is a huge advantage and will allow the Sportscover group
of companies to achieve significant growth in the coming years,' Mr Boucher said.
Sportscover has grown to become one of the world's leading sports insurance underwriters providing
cover to over two million sportspeople throughout the world with offices in the United Kingdom, Australia, Vanuatu
and New Zealand.
'The new syndicate will offer a broad range of amateur sports insurance products including Personal Accident, Public
Liability, Property and Contingency Insurances for Sporting Clubs and Associations,' Mr Boucher said.
The Syndicate started accepting business as of 14 August 2006 with Argenta Syndicate Management Limited as Managing
Agent.
Sportscover offers quality insurance solutions to brokers and clients worldwide to reduce the impact
of injuries on sports men and women. Using a worldwide broker network, Sportscover is a renowned
sports insurance specialist.
- Ends -
For further information or an interview with Peter Nash or Steve Boucher please contact
Martin Kelly ph:+61 (0)3 8562 9100 or email: moc.revocstrops@gnitekram
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