Hampden Underwriting Plc Reinsurance Renewal and Acquisitions (4747Q)
October 15 2013 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 4747Q
Hampden Underwriting Plc
15 October 2013
15 October 2013
Hampden Underwriting plc
("Hampden Underwriting" or the "Company")
Renewal of XL Reinsurance Arrangement
and Acquisition of Lloyd's Limited Liability Vehicles
Annual Renewal of Reinsurance Arrangement
Hampden Underwriting plc (AIM:HUW) announces that, as expected,
the annually renewable collateralised quota share reinsurance
agreement commencing for the 2013 year of account and which was
announced on 26 July 2013 has been formally renewed for the 2014
year of account.
Acquisition of Lloyd's Limited Liability Vehicles
Hampden Underwriting also announces that, in line with its
strategy of increasing underwriting capacity through acquisition,
it has acquired two further limited liability members of Lloyd's
("LLVs") for a total consideration of GBP0.7 million in cash. The
2013 underwriting capacity of the LLVs acquired (Nomina No 035 LLP
and Nomina No 342 LLP) is GBP1.7 million in total; this compares
with Hampden Underwriting's 2013 capacity of GBP12.8 million. The
Company will contribute a further GBP0.6 million to its funds at
Lloyd's to support its enlarged underwriting activities. The LLVs
acquired participate in a spread of Lloyd's syndicates similar to
Hampden Underwriting's own participation. It is anticipated that
these two LLVs will be included in the above reinsurance
arrangement for the 2014 year of account.
Commenting, Nigel Hanbury, the Company's Chief Executive
Officer, said:
"We are pleased to have made these acquisitions which further
increase our underwriting capacity. This is in line with our stated
strategy of acquiring corporate members as suitable opportunities
arise. The quota share reinsurance arrangement is an important part
of our broader funding strategy going forward, enhancing our
ability to actively grow our underwriting capacity and pursue
further acquisitions. It is therefore pleasing that this important
first renewal has been effected."
For further information please contact:
Hampden Underwriting Nigel Hanbury nigel.hanbury@hampdenplc.com
Smith & Williamson Corporate
Finance David Jones 020 7131 4000
Additional information
Nomina No 035 LLP is a limited liability member of Lloyd's; it
is advised by Hampden Agencies Limited and, in the year ended 31
December 2012, made a profit before tax of GBP(0.06) million on
gross premiums written of GBP0.7 million and had net assets of
GBP0.03 million at that date. Nomina No 342 LLP is a limited
liability member of Lloyd's; it is advised by Hampden Agencies
Limited and, in the year ended 31 December 2012, made a profit
before tax of GBP0.05 million on gross premiums written of GBP0.7
million and had net assets of GBP0.02 million at that date.
About Hampden Underwriting plc
Hampden Underwriting plc has been incorporated primarily to
provide a limited liability direct investment into the Lloyd's
insurance market. Hampden Underwriting plc is quoted on the London
Stock Exchange's AIM market (ticker: HUW). For further information
please visit www.hampdenplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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