22nd September 2021

Helios Underwriting plc

 ("Helios" or the "Company")

Acquisition of North Breache Underwriting Limited

Issue of Equity

Further Acquisitions

And

Total Voting Rights

Helios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, it has acquired North Breache Underwriting Limited ("North Breache"), a limited liability member of Lloyd's of London ("Lloyd's").  The total consideration paid for North Breache was £3.9 million, of which £3.4 million was paid on completion in cash and £0.5 million has been satisfied by the issue of 304,878 new ordinary shares in Helios ("New Ordinary Shares") at 164 pence per share.

Application has been made for the New Ordinary Shares to be admitted to trading on AIM. Admission is expected to occur at 8.00 am on 27th September 2021 ("Admission").

Information in respect of North Breache

The 2021 underwriting capacity of North Breache is £3.9 million. North Breache participates in a spread of Lloyd's syndicates that broadly matches the existing portfolio of Helios and this transaction enables Helios to continue to build its participations on the better syndicates at Lloyd's.

The consideration represents a discount of approximately 7.5% to the independent valuation of £4.2 million placed on North Breache by Humphrey's.

In the year ended 31 December 2020, North Breache made a profit before tax of £0.1 million on gross premiums written of £4.0 million.   Syndicate capacity with an estimated market value of £1.5 million has been included in the transaction.

Further Acquisitions

In addition to the North Breache transaction, Helios is continuing to pursue a number of further Lloyd's LLV acquisitions in line with its strategy.

Terms have been agreed in principle and contractual documentation is being finalised for a further 21 Limited Liability Vehicles which in aggregate have capacity of £22.7m.  Further announcements will be made following completion of these transactions.

Total Voting Rights

The New Ordinary Shares will rank pari passu with the Company's existing issued ordinary shares ("Ordinary Shares"). The Company's issued share capital following Admission will comprise 68,658,941 Ordinary Shares with voting rights and no restrictions on transfer (excluding the 419,169 Ordinary Shares held in treasury and which do not carry voting rights) and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.

For further information, please contact:

Helios Underwriting plc

Nigel Hanbury - Chief Executive                                               +44 (0)7787 530 404 / [email protected]

Arthur Manners - Chief Financial Officer                               +44 (0)7754 965 917

Shore Capital (Nomad and Broker)

Robert Finlay                                                                               +44 (0)20 7601 6100

David Coaten

Willis Re Securities (Financial Adviser)

Alastair Rodger                                                                           +44 (0)20 3124 6033

Buchanan (PR)

Helen Tarbet / Henry Wilson / George Beale                       +44 (0)7872 604 453

                                                                                                      +44 (0)20 7466 5111

About Helios

Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately £110m of capacity for the 2021 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.