Acquisition of further Limited Liability Vehicles

RNS Number : 0122S

Helios Underwriting Plc

11 November 2021

 

11^th November 2021

Helios Underwriting plc

 ("Helios" or the "Company")

Acquisition of further Limited Liability Vehicles (LLVs)

Further to its announcement of 18th October, Helios, the unique investment vehicle that acquires and consolidates underwriting capacity at Lloyd's, is pleased to announce the completion of a further LLV acquisition. This vehicle has been acquired for cash consideration of £0.8m, acquiring syndicate capacity of £2.2m. The details are as follows:

Name	Consideration	Humphrey Valuation	Discount
	£'000's	£'000's	%
Queensberry Underwriting Limited	795	837	5.0%
Name	2021 Capacity	Capacity Value	Turnover	Profit before tax
	£'000's	£'000's	£'000's	£'000's
Queensberry Underwriting Limited	2,211	850	2,136	(101)

Terms have been agreed with a further 11 LLV's 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 £130m 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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