Helios Underwriting Plc Acquisition (6866E)
February 12 2015 - 2:01AM
UK Regulatory
TIDMHUW
RNS Number : 6866E
Helios Underwriting Plc
12 February 2015
12 February 2015
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 402) Limited, a limited liability member of
Lloyd's ("LLV") for a total consideration of GBP0.8 million in
cash. The 2015 underwriting capacity of the LLV is GBP0.8 million;
this compares with HUW's 2015 capacity of GBP21.4 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 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.
Additional information
Nameco (No 402) Limited ("Nameco 402") is a limited liability
member of Lloyd's which HUW has agreed to acquire from Jonathan
Bean; in the year ended 31 December 2013, Nameco 402 made a profit
before tax of GBP0.1 million on gross premiums written of GBP0.7
million. Nameco 402's expected net asset value at completion is
approximately GBP0.9 million, including underwriting capacity with
an estimated market value of GBP0.3 million.
Set out below are Nameco 402's 2012 and 2013 open years of
account forecasts:
YOA Nameco 402 Forecast of syndicate profit
syndicate (30 September 2014)
capacity
(GBP'000)
------ ----------- -------------------------------------
Mid point Mid point Range
(GBP'000) (%) (%)
------ ----------- ----------- --------- -------------
2012 819 106 12.98% 9.72 - 16.23%
------ ----------- ----------- --------- -------------
2013 825 77 9.29% 4.97 - 13.60%
------ ----------- ----------- --------- -------------
Source: Syndicate data and HUW analysis (before early
release)
Set out below are details of Nameco 402's syndicate
participations for the 2012 to 2015 years of account:
YOA 2012 2013 2014 2015
---------- ------------------- --------------------- ------------------- -------------------
Syndicate (GBP'000) (%)* (GBP'000) (%)* (GBP'000) (%)* (GBP'000) (%)*
---------- ---------- ------- ---------- --------- ---------- ------- ---------- -------
33 96 11.7% 96 11.7% 101 11.6% 101 12.4%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
218 60 7.4% 34 4.1% 34 3.9% 27 3.3%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
386 46 5.7% 46 5.6% 46 5.3% 40 4.9%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
510 141 17.3% 142 17.2% 142 16.3% 142 17.4%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
557 11 1.3% 10 1.2% 10 1.1% 10 1.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
609 26 3.2% 26 3.2% 27 3.1% 27 3.4%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
623 107 13.1% 113 13.6% 122 14.0% 113 13.9%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
727 36 4.4% 36 4.4% 36 4.1% 36 4.4%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
958 30 3.7% 23 2.8% 18 2.1% 20 2.4%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
1176 34 4.2% 34 4.1% 34 3.9% 34 4.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2010 11 1.4% 11 1.4% 11 1.3% 10 1.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2014 - - - - 35 4.0% 35 4.3%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2525 1 0.1% 1 0.1% 1 0.1% 1 0.1%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2791 91 11.1% 91 11.0% 80 9.2% 71 8.7%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
4242 12 1.5% 12 1.5% 12 1.4% 14 1.7%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
5820 - - 30 3.6% 30 3.4% 30 3.7%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6103 25 3.1% 30 3.6% 22 2.5% 9 1.1%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6104 25 3.1% 25 3.0% 35 4.0% 35 4.3%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6105 9 1.1% 5 0.6% 16 1.8% 16 1.9%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6106 16 2.0% 17 2.1% - - - -
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6107 20 2.4% 10 1.2% 10 1.1% 10 1.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6110 15 1.8% 27 3.3% - - - -
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6111 6 0.7% 6 0.7% 7 0.8% 6 0.8%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6117 - - - - 42 4.8% 28 3.4%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
Total 819 100.0% 825 100.0% 870 100.0% 815 100.0%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
* 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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