Hampden Underwriting Plc Acquisition of Corporate Member (0857U)
December 21 2012 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 0857U
Hampden Underwriting Plc
20 December 2012
21 December 2012
Hampden Underwriting plc
("Hampden Underwriting" or the "Company")
Acquisition of corporate member
Hampden Underwriting plc, which provides investors with a
limited liability direct investment into the Lloyd's insurance
market, announces that, following a similar acquisition last month,
it has acquired a further corporate member of Lloyd's for a
consideration of GBP0.9 million in cash. The 2012 underwriting
capacity of the corporate member acquired (Nameco (No. 518)
Limited) is GBP1.0 million; this compares with Hampden
Underwriting's 2012 capacity of GBP11.9 million. Nameco (No. 518)
Limited participates in a spread of Lloyd's syndicates similar to
Hampden Underwriting's own participation.
Commenting upon this acquisition, Nigel Hanbury, the Company's
Chief Executive Officer, said:
"We are pleased to have made this acquisition of another
corporate member which further increases our underwriting capacity.
This is in line with our stated strategy of acquiring corporate
members as suitable opportunities arise."
For further information please contact:
Hampden Underwriting Nigel Hanbury nigel.hanbury@hampdenplc.com
Smith & Williamson Corporate
Finance David Jones 020 7131 4000
Additional information
Nameco (No. 518) Limited is a corporate member of Lloyd's which
the Company has acquired from Dominic Parker; it is advised by
Hampden Agencies Limited and, in the year ended 31 December 2011,
made a loss before tax of GBP(0.05) million on gross premiums
written of GBP0.9 million and had net assets of GBP0.4 million at
that date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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