Acquisition

RNS Number : 9158X

Helios Underwriting Plc

10 January 2022

 

10^th January 2022

Helios Underwriting plc

 ("Helios" or the "Company")

Acquisition of further Limited Liability Vehicles (LLVs)

Further to its announcement of 22^nd December, 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 consideration of £2.4m, acquiring syndicate capacity of £3.6m. The details are as follows:

Name	Consideration	Humphrey Valuation	Discount
	£'000's	£'000's	%
Clifton 2011 Limited	1,025	1,030	0.5%
Nomina No 348 LLP	910	964	6%
Gould Scottish Limited Partnership	435	458	5%
	2,370	2,452	3%
Name	2021 Capacity	Capacity Value	Turnover	Profit before tax
	£'000's	£'000's	£'000's	£'000's
Clifton 2011 Limited	1,558	551	1,527	(84)
Nomina No 348 LLP	1,308	574	1,321	(10)
Gould Scottish Limited Partnership	766	358	(16)*	(18)
	3,632	1,483

*Net underwriting result as per statutory accounts disclosure

Terms have been agreed with one further LLV where completion is subject, inter alia, to regulatory approval. It is expected that this acquisition will be completed 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 £233m of capacity for the 2022 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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