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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Helios Underwriting Plc | LSE:HUW | London | Ordinary Share | GB00B23XLS45 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 155.00 | 150.00 | 160.00 | 155.00 | 155.00 | 155.00 | 5,708 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Insurance Carriers, Nec | 148.35M | -3.32M | -0.0434 | -35.71 | 118.53M |
TIDMHUW
RNS Number : 0304X
Helios Underwriting Plc
21 November 2017
Helios Underwriting plc
("Helios" or the "Company")
Acquisition of Chapman Underwriting Limited
Helios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, on 20th November 2017, following approval of change of control by Lloyd's of London ("Lloyd's"), it has acquired Chapman Underwriting Limited ("Chapman"), a limited liability member of Lloyd's for a consideration of GBP540,000 in cash.
Information in respect of Chapman
The 2017 underwriting capacity of Chapman is GBP670,000 (this compares with Helios's 2017 capacity of GBP35.7m prior to this acquisition). Chapman participates in a spread of Lloyd's syndicates that broadly matches the existing portfolio of Helios and this transaction enables Helios to continue to build its participations on the better syndicates at Lloyd's.
The capacity acquired, together with the capacity Helios expects to retain for the 2018 underwriting year, is as follows:
Chapman Year of Account ---------------- -------------------------- 2015 2016 2017 2018 ---------------- ----- ----- ----- ----- GBPm GBPm GBPm GBPm ---------------- ----- ----- ----- ----- Retained 0.62 0.63 0.67 0.33 ---------------- ----- ----- ----- ----- Reinsured - - 0.77 ---------------- ----- ----- ----- ----- Total Capacity 0.65 0.63 0.67 1.10 ---------------- ----- ----- ----- -----
The planned capacity for Chapman for 2018 includes pre-emption offers taken up and the re-allocation of some Group capacity.
The total value acquired compared to the consideration paid is as follows:
All in GBP'000's At Humphrey Value using Split of actual Valuation 2017 WAV - Consideration - July 2017 Nov 2017 ------------------ ------------- ------------ ---------------- Tangible Net Assets 429 404 404 ------------------ ------------- ------------ ---------------- Capacity Value 342 267 136 ------------------ ------------- ------------ ---------------- Total Value 771 671 540 ------------------ ------------- ------------ ---------------- Discount of consideration to Total Value 43% 24% ------------------ ------------- ------------ ----------------
The net assets acquired of GBP404,000 include a provision for a loss on the 2017 year of account of 5% at 36 months.
Additional information
Chapman is a limited liability member of Lloyd's. In the year ended 31 December 2016, Chapman made a profit before tax of GBP48,619 on gross premiums written of GBP0.63m.
Set out below are Chapman's 2015 and 2016 open years of account forecasts:
YOA Chapman Forecast of syndicate syndicate profit capacity (30 September (GBP'000) 2017) ------ ----------- ----------- ------------------ ------------- Mid-point Mid-point (%) Range (%) (GBP'000) ------ ----------- ----------- ------------------ ------------- 2015 624 62 9.86 6.51 - 13.22 ------ ----------- ----------- ------------------ ------------- (1.84) - 2016 635 16 2.52 6.88 ------ ----------- ----------- ------------------ -------------
Source: Syndicate data and Helios analysis (before early release)
For further information please contact:
Helios
Nigel Hanbury - Chief Executive 020 7863 6655 / nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer 07754 965 917
Stockdale
Robert Finlay 020 7601 6100
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 GBP36.3m of capacity for the 2017 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 21, 2017 02:00 ET (07:00 GMT)
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