Helios Underwriting Plc Acquisition of Nomina No 505 LLP (9834B)

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RNS Number : 9834B

Helios Underwriting Plc

26 September 2018

Helios Underwriting plc

("Helios" or the "Company")

Acquisition of Nomina No 505 LLP

Helios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, it has acquired Nomina No 505 LLP ("505"), a limited liability member of Lloyd's of London ("Lloyd's") for a consideration of GBP318,359 in cash (the "Acquisition").

Information in respect of 505

The 2018 underwriting capacity of 505 is GBP922,937 (this compares with Helios's 2018 capacity of GBP41.5m prior to this acquisition). 505 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 consideration represents a discount of 9% to the independent valuation of GBP350,695 placed on 505 by Humphrey's.

The capacity acquired, together with the capacity Helios expects to retain, is as follows:

 
       505           Year of Account 
                   2016    2017   2018 
                  ------  -----  ----- 
                   GBPm    GBPm   GBPm 
                  ------  -----  ----- 
 Retained           0.8    0.9    0.27 
                  ------  -----  ----- 
 Reinsured           -      -     0.63 
                  ------  -----  ----- 
 Total Capacity     0.8    0.9    0.9 
                  ------  -----  ----- 
 

Helios will reinsure 70% of 2018 underwriting year in line with its stated policy of reducing 'on-risk' exposures.

In addition to the 505 transaction, Helios is continuing to pursue a number of further Lloyd's LLV acquisitions in line with its strategy.

For further information, please contact:

Helios Underwriting plc

Nigel Hanbury - Chief Executive 020 7863 6655 / [e-mail]

   Arthur Manners - Chief Financial Officer                        07754 965 917 

Stockdale Securities Limited

   Robert Finlay                                                                       020 7601 6100 

David Coaten

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 GBP42m of capacity for the 2018 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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September 26, 2018 04:06 ET (08:06 GMT)