Helios Underwriting Plc Acquisition (3639A)
December 19 2014 - 10:38AM
UK Regulatory
TIDMHUW
RNS Number : 3639A
Helios Underwriting Plc
19 December 2014
19 December 2014
Helios Underwriting plc
("HUW" or the "Company")
Acquisition of Lloyd's Limited Liability Vehicle
HUW is pleased to announce that, in line with its strategy of
increasing underwriting capacity through acquisition, it has agreed
to acquire Nameco (No 311) Limited, a limited liability member of
Lloyd's ("LLV") for a total consideration of GBP1.0 million in
cash. The 2014 underwriting capacity of the LLV is GBP1.0 million;
this compares with HUW's 2014 capacity of GBP22.8 million prior to
this acquisition. Completion is subject to change of control
consent from Lloyd's. The LLV participates in a spread of Lloyd's
syndicates broadly similar to HUW's own participation.
Commenting upon the acquisition, Nigel Hanbury, the Company's
Chief Executive Officer, said:
"We are delighted to have agreed a further LLV acquisition which
will further increase our underwriting capacity. This is in line
with our stated strategy of acquiring corporate members as suitable
opportunities arise. We continue to believe that there remain
significant opportunities for further growth available to the
Company."
For further information please contact:
HUW 020 7863 6655 / nigel.hanbury@huwplc.com
Nigel Hanbury - Chief
Executive
Smith & Williamson Corporate
Finance
David Jones 020 7131 4000
Westhouse Securities
Robert Finlay 020 7601 6100
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 approximately GBP23 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.
Additional information
Nameco (No 311) Limited ("Nameco 311") is a limited liability
member of Lloyd's which HUW has agreed to acquire from the
Executors of John Clegg; in the year ended 31 December 2013, Nameco
311 made a profit before tax of GBP0.1 million on gross premiums
written of GBP0.8 million. Nameco 311's expected net asset value at
completion is approximately GBP1.0 million, including underwriting
capacity with an estimated market value of GBP0.3 million.
Set out below are Nameco 311's 2012 and 2013 open years of
account forecasts:
YOA Nameco Forecast of syndicate profit
311 (30 September 2014)
syndicate
capacity
(GBP'000)
------ ----------- -------------------------------------
Mid point Mid point Range
(GBP'000) (%) (%)
------ ----------- ----------- --------- -------------
2012 895 92 10.23% 7.40 - 13.06%
------ ----------- ----------- --------- -------------
2013 952 71 7.47% 3.60 - 11.34%
------ ----------- ----------- --------- -------------
Source: Syndicate data and HUW analysis
Set out below are details of Nameco 311's syndicate
participations for the 2012 to 2014 years of account:
YOA 2012 2013 2014
---------- ------------------- --------------------- -------------------
Syndicate (GBP'000) (%)* (GBP'000) (%)* (GBP'000) (%)*
---------- ---------- ------- ---------- --------- ---------- -------
33 73 8.1% 73 7.7% 77 7.6%
---------- ---------- ------- ---------- ------- ------------ -------
218 49 5.5% 49 5.1% 49 4.8%
---------- ---------- ------- ---------- ------- ------------ -------
386 33 3.6% 33 3.4% 33 3.2%
---------- ---------- ------- ---------- ------- ------------ -------
510 153 17.1% 154 16.2% 154 15.3%
---------- ---------- ------- ---------- ------- ------------ -------
557 10 1.1% 8 0.9% 8 0.8%
---------- ---------- ------- ---------- ------- ------------ -------
609 72 8.1% 73 7.7% 74 7.3%
---------- ---------- ------- ---------- ------- ------------ -------
623 84 9.4% 88 9.3% 95 9.4%
---------- ---------- ------- ---------- ------- ------------ -------
727 8 0.9% 8 0.9% 8 0.8%
---------- ---------- ------- ---------- ------- ------------ -------
958 34 3.8% 26 2.7% 21 2.0%
---------- ---------- ------- ---------- ------- ------------ -------
1176 13 1.4% 13 1.3% 13 1.3%
---------- ---------- ------- ---------- ------- ------------ -------
1200 41 4.6% 41 4.3% 41 4.1%
---------- ---------- ------- ---------- ------- ------------ -------
1729 - - - - 19 1.9%
---------- ---------- ------- ---------- ------- ------------ -------
2010 31 3.5% 31 3.2% 31 3.1%
---------- ---------- ------- ---------- ------- ------------ -------
2014 - - - - 55 5.5%
---------- ---------- ------- ---------- ------- ------------ -------
2525 5 0.5% 5 0.5% 5 0.4%
---------- ---------- ------- ---------- ------- ------------ -------
2526 2 0.2% 2 0.2% - -
---------- ---------- ------- ---------- ------- ------------ -------
2791 165 18.5% 165 17.4% 145 14.4%
---------- ---------- ------- ---------- ------- ------------ -------
4242 14 1.6% 14 1.5% 14 1.4%
---------- ---------- ------- ---------- ------- ------------ -------
5820 - - 34 3.6% 28 2.8%
---------- ---------- ------- ---------- ------- ------------ -------
6103 10 1.1% 13 1.3% 9 0.9%
---------- ---------- ------- ---------- ------- ------------ -------
6104 10 1.1% 13 1.4% 13 1.3%
---------- ---------- ------- ---------- ------- ------------ -------
6105 8 0.9% 5 0.5% 15 1.5%
---------- ---------- ------- ---------- ------- ------------ -------
6106 10 1.1% 11 1.2% - -
---------- ---------- ------- ---------- ------- ------------ -------
6107 10 1.1% 13 1.3% 13 1.2%
---------- ---------- ------- ---------- ------- ------------ -------
6110 22 2.4% 39 4.1% - -
---------- ---------- ------- ---------- ------- ------------ -------
6111 38 4.3% 42 4.4% 44 4.4%
---------- ---------- ------- ---------- ------- ------------ -------
6117 - - - - 45 4.4%
---------- ---------- ------- ---------- ------- ------------ -------
Total 895 100.0% 952 100.0% 1,009 100.0%
---------- ---------- ------- ---------- ------- ------------ -------
* Percentage of total syndicate portfolio
This information is provided by RNS
The company news service from the London Stock Exchange
END
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