t
Helios Underwriting plc announced on 10th January 2022 the completion of the acquisition of three Limited Liability Vehicles (LLVs): Clifton 2011 Limited, Nomina No 348 LLP, and Gould Scottish Limited Partnership. The total consideration paid for these acquisitions was £2.37 million, acquiring syndicate capacity of £3.632 million.
| Date | 10 Jan 2022 |
| Time | 08:56:18 |
| Category | Acquisitions and alliances |
| ID | 9158X |
10th January 2022
Helios Underwriting plc
("Helios" or the "Company")
Acquisition of further Limited Liability Vehicles (LLVs)
Further to its announcement of 22nd December, Helios, the unique investment vehicle that acquires and consolidates underwriting capacity at Lloyd's, is pleased to announce the completion of a further 3 LLV acquisitions. These vehicles have been acquired for consideration of £2.4m, acquiring syndicate capacity of £3.6m. The details are as follows:
|
Name |
Consideration |
Humphrey Valuation |
Discount |
|
|
|
£'000's
|
£'000's |
% |
|
|
Clifton 2011 Limited |
1,025 |
1,030 |
0.5% |
|
|
Nomina No 348 LLP |
910 |
964 |
6% |
|
|
Gould Scottish Limited Partnership |
435 |
458 |
5% |
|
|
|
2,370 |
2,452 |
3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
2021 Capacity |
Capacity Value |
Turnover |
Profit before tax |
|
|
£'000's
|
£'000's |
£'000's |
£'000's |
|
Clifton 2011 Limited |
1,558 |
551 |
1,527 |
(84) |
|
Nomina No 348 LLP |
1,308 |
574 |
1,321 |
(10) |
|
Gould Scottish Limited Partnership |
766 |
358 |
(16)* |
(18) |
|
|
3,632 |
1,483 |
|
|
*Net underwriting result as per statutory accounts disclosure
Terms have been agreed with one further LLV where completion is subject, inter alia, to regulatory approval. It is expected that this acquisition will be completed in due course.
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
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 £233m of capacity for the 2022 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.