Acquisition of Further Limited Liability Vehicles

RNS Number : 8158N

Helios Underwriting Plc

04 October 2021

 

4^th October 2021

Helios Underwriting plc

 ("Helios" or the "Company")

Acquisition of Further Limited Liability Vehicles ( LLVs )

Helios, the unique investment vehicle that acquires and consolidates underwriting capacity at Lloyd's, is pleased to announce the completion of four of the twenty LLV acquisitions referred to in its announcement of interim results on 30 September 2021 as having terms agreed.   These LLVs have been acquired for an aggregate cash consideration of £ 2.5m , acquiring syndicate capacity of £ 2.6m .  The details are as follows: 

Name	Consideration	Humphrey Valuation	Discount
	£'000's	£'000's	%
Kemah Lime Street Capital Limited	480	499	3.8%
Nameco (No 1130) Limited	715	742	3.6%
Nomina No. 070 LLP	645	686	6.0%
New Filcom Limited	651	695	6.3%
	2,491	2,622	5.0%
Name	2021 Capacity	Capacity Value	Turnover	Profits before tax
	£'000's	£'000's	£'000's	£'000's
Kemah Lime Street Capital Limited	502	184	615 1	(43) 1
Nameco (No 1130) Limited	653	234	874 1	35 1
Nomina No. 070 LLP	1,044	474	1,105 1	(34) 1
New Filcom Limited	364	190	1,272 2	149 2
	2,563	1,082

¹   Financial information per the latest available annual accounts; being for the year ended 31^st December 2020

² Financial information per the latest available annual accounts; being for the year ended 31^st December 2019

It is expected that the remaining acquisitions will be completed shortly .

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  [phone] / [e-mail]

Arthur Manners - Chief Financial Officer                                [phone]

Shore Capital (Nomad and Broker)

Robert Finlay                                                                               [phone]

David Coaten

Willis Re Securities (Financial Adviser)

Alastair Rodger                                                                            [phone]

Buchanan (PR)

Helen Tarbet / Henry Wilson / George Beale                         [phone]

                                                                                                       [phone]

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 .

 

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