Helios Underwriting Plc HUW Secures Stop Loss Cover
July 14 2014 - 2:00AM
RNS Non-Regulatory
TIDMHUW
Helios Underwriting Plc
14 July 2014
14 July 2014
Helios Underwriting plc
("HUW" or the "Company")
HUW secures stop loss cover
HUW is pleased to announce that it has secured stop loss
reinsurance cover for the 2014 year of account.
The Company has entered a stop loss reinsurance agreement with
Hampden Insurance PCC (Guernsey) Limited - Cell 7 ("Cell 7"), a
special purpose vehicle, which has reinsured the risk on a
back-to-back basis with a leading international reinsurer. Under
the agreement, HUW will pay a premium of approximately GBP112,000
for stop loss cover of 10% in excess of 10% (i.e. the first 10%,
and any excess over 20%, of any loss would be borne by HUW) in
relation to a significant majority of the HUW group's underwriting
capacity.
Cell 7 is ultimately 51% owned by Nigel Hanbury (a director and
14.8% shareholder in the Company) and 49% by Hampden Capital plc
(an 11.9% shareholder in the Company). The terms of the transaction
have been approved by the independent members of the Company's
board of directors.
Commenting upon this transaction Nigel Hanbury, HUW's Chief
Executive, said:
"I am pleased that HUW has been able to take advantage of the
competitive rating environment to secure protection at favourable
terms which will allow us to use our capital most efficiently."
For further information please contact:
HUW 020 7863 6655 / nigel.hanbury@huwplc.com
Nigel Hanbury - Chief Executive 020 7863 6657 / paul.lumbis@huwplc.com
Paul Lumbis - Chief Financial
Officer
Smith & Williamson Corporate
Finance
David Jones 020 7131 4000
Westhouse Securities
Robert Finlay
Darren Vickers 020 7601 6100
Haggie Partners
Peter Rigby 020 7562 4444
About HUW
HUW 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). HUW's subsidiary underwriting
vehicles trade within the Lloyd's insurance market as corporate
members of Lloyd's writing GBP21 million of capacity for the 2014
account. The portfolio provides a good spread of classes 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
NRABUGDRCSBBGSB
Helios Underwriting (LSE:HUW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Helios Underwriting (LSE:HUW)
Historical Stock Chart
From Jul 2023 to Jul 2024