Hampden Underwriting Plc Acquisition of Two Corporate Members (1809W)
December 23 2013 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 1809W
Hampden Underwriting Plc
23 December 2013
23 December 2013
Hampden Underwriting plc
("Hampden Underwriting" or the "Company")
Completion of Acquisition of a Lloyd's Limited Liability
Vehicle
and Exchange of Contracts in respect of a further
Acquisition
Acquisition of Halperin Underwriting Limited
Hampden Underwriting announces that, in line with its strategy
of increasing underwriting capacity through acquisition, it has
acquired Halperin Underwriting Limited ("Halperin"), a limited
liability member of Lloyd's ("LLV") for a total consideration of
GBP0.7 million in cash. The 2014 underwriting capacity of the LLV
acquired is GBP0.7 million; this compares with Hampden
Underwriting's 2014 capacity of GBP18.1m prior to this acquisition.
The assets of the LLV acquired include associated funds at Lloyd's
("FAL") to support its underwriting activities of GBP0.1 million
and a HASP Stop Loss reinsurance policy with an additional
contribution to FAL of GBP0.2m. The Company will contribute a
further GBP0.1 million to its funds at Lloyd's to support its
enlarged underwriting activities.
Exchange of Contracts in respect of Nomina No 380 LLP
The Company also announces that it has exchanged contracts in
respect of the acquisition of a further LLV, Nomina No 380 LLP, for
a total consideration of GBP0.6 million in cash. The 2014
underwriting capacity of the LLV acquired is GBP1.3 million; this
compares with Hampden Underwriting's 2014 capacity of GBP18.9
million following the above acquisition of Halperin. The Company
will contribute a further GBP0.8 million to its FAL to support its
enlarged underwriting activities. Completion is subject to change
of control consent from Lloyd's, which is anticipated to take place
by 17 January 2014.
The LLVs acquired participate in a spread of Lloyd's syndicates
similar to Hampden Underwriting's own participation. It is
anticipated that both LLVs will be included in the Company's
collateralised quota share reinsurance arrangement for the 2014
year of account.
Commenting upon the acquisitions, Nigel Hanbury, the Company's
Chief Executive Officer, said: "We are delighted to have made these
further acquisitions which further increase our underwriting
capacity. This is in line with our stated strategy of acquiring
corporate members as suitable opportunities arise. The acquisitions
of these LLVs together with the other three LLVs acquired during
2013 will bring our 2014 underwriting capacity to a total of
GBP20.2 million, representing a 57% increase over the underwriting
capacity with which we started the year. We believe that there are
significant further opportunities for further growth available to
the Company as we move into 2014."
For further information please contact:
Hampden Underwriting Nigel Hanbury nigel.hanbury@hampdenplc.com
Smith & Williamson Corporate
Finance David Jones 020 7131 4000
Additional information
Halperin Underwriting Limited 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 GBP0.01 million
on gross premiums written of GBP0.7 million and had net assets of
GBP0.1 million at that date.
Nomina No 380 LLP is a limited liability member of Lloyd's which
the Company has acquired from Timothy Michael Steel; it is advised
by Hampden Agencies Limited and, in the year ended 31 December
2012, made a profit before tax of GBP0.1 million on gross premiums
written of GBP1.1 million and had net assets of GBP0.07 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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