Helios Underwriting Plc Acquisition (0579F)
February 17 2015 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 0579F
Helios Underwriting Plc
17 February 2015
17 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 507) Limited, a limited liability member of
Lloyd's ("LLV") for a total consideration of GBP0.9 million in
cash. The 2015 underwriting capacity of the LLV is GBP1.7 million;
this compares with HUW's 2015 capacity of GBP21.4 million prior to
this acquisition. There is an obligation that Funds at Lloyd's will
be provided by HUW in an amount of approximately GBP0.5 million.
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 2015 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 507) Limited ("Nameco 507") is a limited liability
member of Lloyd's which HUW has agreed to acquire from the
executors of David Jordan; in the year ended 31 December 2013,
Nameco 507 made a profit before tax of GBP0.2 million on gross
premiums written of GBP1.4 million. Nameco 507's expected net asset
value at completion is approximately GBP1.0 million, including
underwriting capacity with an estimated market value of GBP0.5
million.
Set out below are Nameco 507's 2012 and 2013 open years of
account forecasts:
YOA Nameco Forecast of syndicate profit
507 (30 September 2014)
syndicate
capacity
(GBP'000)
------ ----------- -------------------------------------
Mid point Mid point Range
(GBP'000) (%) (%)
------ ----------- ----------- --------- -------------
2012 1,464 148 10.12% 7.32 - 12.92%
------ ----------- ----------- --------- -------------
2013 1,503 144 9.56% 5.69 - 13.42%
------ ----------- ----------- --------- -------------
Source: Syndicate data and HUW analysis (before early
release)
Set out below are details of Nameco 507'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 6.5% 96 6.4% 101 5.6% 101 6.0%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
218 3 0.2% 3 0.2% 3 0.2% 3 0.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
386 49 3.3% 49 3.3% 76 4.2% 65 3.8%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
510 206 14.1% 206 13.7% 206 11.5% 206 12.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
557 52 3.5% 2 0.1% 2 0.1% 2 0.1%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
609 48 3.3% 48 3.2% 48 2.7% 48 2.9%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
623 158 10.8% 165 11.0% 179 10.0% 166 9.9%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
727 49 3.3% 49 3.2% 49 2.7% 49 2.9%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
958 112 7.6% 82 5.5% 66 3.7% 69 4.1%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
1176 13 0.9% 13 0.9% 13 0.7% 13 0.8%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
1200 54 3.7% 54 3.6% 54 3.0% 54 3.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
1729 - - - - 34 1.9% 34 2.0%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2010 89 6.1% 89 5.9% 89 5.0% 78 3.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2014 - % - % 91 5.1% 121 7.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2121 55 3.8% 55 3.7% 96 5.4% 96 5.7%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2525 1 0.1% 1 0.1% 1 0.1% 1 0.1%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2526 1 0.1% 1 0.1% - - - -
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
2791 172 11.7% 172 11.4% 151 8.5% 133 7.9%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
3334 28 1.9% - - - - - -
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
4242 55 3.8% 55 3.7% 55 3.1% 62 3.7%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
5820 - - 52 3.5% 102 5.7% 102 6.1%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6103 27 1.8% 34 2.2% 24 1.4% 10 0.6%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6104 40 2.8% 52 3.5% 72 4.0% 72 4.3%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6105 38 2.6% 21 1.4% 66 3.7% 66 3.9%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6106 24 1.6% 27 1.8% - - - -
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6110 36 2.4% 64 4.3% - - - -
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6111 61 4.2% 77 5.1% 89 5.0% 87 5.2%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6113 - - 37 2.5% 47 2.6% - -
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
6117 - - - - 76 4.2% 50 3.0%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
Total 1,464 100.0% 1,503 100.0% 1,789 100.0% 1,689 100.0%
---------- ---------- ------- ---------- ------- ------------ ------- ---------- -------
* 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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