Acquisition of Limited Liability Vehicles

RNS Number : 6710M

Helios Underwriting Plc

23 September 2021

 

23rd September 2021

Helios Underwriting plc

 ("Helios" or the "Company")

Acquisition of  Limited Liability Vehicles (LLVs)

Further to its announcement of 22 September 2021, Helios, the unique investment vehicle which acquires and consolidates private underwriting capacity at Lloyd's, is pleased to announce that it has acquired a further three LLVs for an aggregate cash consideration of approximately £1.95 million acquiring syndicate capacity of £2.39 million.  The details are as follows: 

Name	Consideration	Humphrey Valuation	Discount
	£'000's	£'000's	%
Nameco (No 1011) Limited	891	973	8.5%
G.T.C. Underwriting Limited	696	753	7.5%
Nameco (No 2012) Limited	360	389	7.5%
	1,947	2,115	7.9%

Name	2021 Capacity	Capacity Value	Turnover	Profits before tax
	£'000's	£'000's	£'000's	£'000's
Nameco (No 1011) Limited	949	492	974	150
G.T.C. Underwriting Limited	820	489	1,281	175
Nameco (No 2012) Limited	618	398	1,216	303
	2,388	1,379

Further announcements will be made in due course as the Company's pipeline of LLV acquisitions complete.

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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