Acquisition of further Limited Liability Vehicles

RNS Number : 2759U

Helios Underwriting Plc

02 December 2021

 

2^nd  December 2021

Helios Underwriting plc

 ("Helios" or the "Company")

Acquisition of further Limited Liability Vehicles (LLVs)

Further to its announcement of 10th November, 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 cash consideration of approximately £4.0m, acquiring syndicate capacity of approximately £4.4m. The details are as follows:

Name	Consideration	Humphrey Valuation	Discount
	£'000's	£'000's	%
Chanterelle Underwriting Limited	3,230	3,365	4%
Nomina No 110 LLP	560	586	4%
Nomina No 472 LLP	190	200	5%
	3,980	4,151	4%
Name	2021 Capacity	Capacity Value	Turnover	Profit before tax
	£'000's	£'000's	£'000's	£'000's
Chanterelle Underwriting Limited	3,108	1,116	3,144	2
Nomina No 110 LLP	773	437	1,122	158
Nomina No 472 LLP	475	201	514	2
	4,356	1,754

Terms have been agreed with a further 7 LLVs where completion is subject, inter alia, to regulatory approval. It is expected that these acquisitions will be completed shortly, and further announcements will be made 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  [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 £137m 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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