Helios Underwriting Plc Acquisition (6516M)
January 22 2016 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 6516M
Helios Underwriting Plc
22 January 2016
22 January 2016
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
acquired Devon Underwriting Limited, a limited liability member of
Lloyd's ("LLV"), for a consideration of GBP1.1 million in cash. The
2016 underwriting capacity of the LLV is GBP1.2 million (this
compares with HUW's 2016 capacity of GBP28.1 million prior to this
acquisition). HUW will provide Fund's at Lloyd's in an amount of
approximately GBP0.7 million. 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 made a further LLV acquisition which
further increases 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 nigel.hanbury@huwplc.com
Nigel Hanbury - Chief
Executive
Smith & Williamson Corporate
Finance
David Jones 020 7131 4000
Stockdale 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 trades within the Lloyd's
insurance market writing approximately GBP29 million of capacity
for the 2016 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
Devon Underwriting Limited ("Devon") is a limited liability
member of Lloyd's. In the year ended 31 December 2014, Devon made a
profit before tax of GBP0.33m on gross premiums written of GBP1.5m
and its net asset value at completion is expected to be
approximately GBP1.1m, including underwriting capacity with an
estimated market value of GBP0.6m.
Set out below are Devon's 2013 and 2014 open years of account
forecasts:
YOA Devon Forecast of syndicate profit
syndicate (30 September 2015)
capacity
(GBP'000)
------ ----------- -------------------------------------
Mid point Mid point Range
(GBP'000) (%) (%)
------ ----------- ----------- --------- -------------
2013 1,659 159 9.57% 6.29 - 12.86%
------ ----------- ----------- --------- -------------
2014 1,866 102 5.46% 1.09 - 9.82%
------ ----------- ----------- --------- -------------
Source: Syndicate data and HUW analysis (before early
release)
Set out below are details of Devon's syndicate participations
for the 2013 to 2016 years of account:
YOA 2013 2014 2015 2016
---------- --------------------- ------------------- ------------------- -------------------
Syndicate (GBP'000) (%)* (GBP'000) (%)* (GBP'000) (%)* (GBP'000) (%)*
---------- ---------- --------- ---------- ------- ---------- ------- ---------- -------
33 204 12.3% 215 11.5% 160 12.1% 160 12.9%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
218 117 7.1% 180 9.6% 120 9.1% 123 9.9%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
308 133 8.0% 160 8.6% 100 7.6% 100 8.0%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
510 215 13.0% 215 11.5% 160 12.1% 160 12.9%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
557 50 3.0% 50 2.7% 25 1.9% 25 2.0%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
609 275 16.6% 275 14.7% 140 10.6% 140 11.3%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
623 189 11.4% 204 10.9% 160 12.1% 179 14.4%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
727 150 9.0% 150 8.0% 150 11.3% 150 12.1%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
1884 - - - - 25 1.9% - -
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
1991 - - 80 4.3% 60 4.5% - -
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
2791 217 13.1% 191 10.2% 140 10.6% 140 11.3%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
6104 50 3.0% 50 2.7% - - - -
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
6105 - - 22 1.2% 24 1.8% - -
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
6111 60 3.6% 74 4.0% 60 4.5% 67 5.4%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
Total 1,659 100.0% 1,866 100.0% 1,324 100.0% 1,244 100.0%
---------- ---------- ------- ------------ ------- ---------- ------- ---------- -------
* 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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