Helios Underwriting plc
("Helios" or the "Company")
Acquisition of Nomina No 505 LLP
Helios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, it has acquired Nomina No 505 LLP ("505"), a limited liability member of Lloyd's of London ("Lloyd's") for a consideration of £318,359 in cash (the "Acquisition").
Information in respect of 505
The 2018 underwriting capacity of 505 is £922,937 (this compares with Helios's 2018 capacity of £41.5m prior to this acquisition). 505 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 9% to the independent valuation of £350,695 placed on 505 by Humphrey's.
The capacity acquired, together with the capacity Helios expects to retain, is as follows:
505 |
Year of Account |
|
2016 |
2017 |
2018 |
|
£m |
£m |
£m |
Retained |
0.8 |
0.9 |
0.27 |
Reinsured |
- |
- |
0.63 |
Total Capacity |
0.8 |
0.9 |
0.9 |
Helios will reinsure 70% of 2018 underwriting year in line with its stated policy of reducing 'on-risk' exposures.
In addition to the 505 transaction, Helios is continuing to pursue a number of further Lloyd's LLV acquisitions in line with its strategy.
For further information, please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive 020 7863 6655 / [email protected]
Arthur Manners - Chief Financial Officer 07754 965 917
Stockdale Securities Limited
Robert Finlay 020 7601 6100
David Coaten
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 £42m of capacity for the 2018 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.
