Acquisition of further Limited Liability Vehicles

RNS Number : 4153W

Helios Underwriting Plc

22 December 2021

 

22^nd December 2021

Helios Underwriting plc

 ("Helios" or the "Company")

Acquisition of further Limited Liability Vehicles (LLVs)

Further to its announcement of 20 December 2021, 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 a total cash consideration of £3.9m, acquiring syndicate capacity of £4.1m. The details are as follows:

Name	Consideration	Humphrey Valuation	Discount
	£'000's	£'000's	%
Kunduz LLP	220	234	6%
Exalt Underwriting Limited	550	607	9%
Nameco (No 1110) Limited	3,085	3,164	2%
	3,855	4,005	4%
Name	2021 Capacity	Capacity Value	Turnover	Profit before tax
	£'000's	£'000's	£'000's	£'000's
Kunduz LLP	640	251	663	(36)
Exalt Underwriting Limited	1,186	295	1,244	(52)
Nameco (No 1110) Limited	2,300	1,228	2,399	131
	4,126	1,774

Terms have been agreed with a further 3 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

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 £140m 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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