Helios Underwriting Plc Acquisition (6065Z)
May 31 2016 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 6065Z
Helios Underwriting Plc
31 May 2016
31 May 2016
Helios Underwriting plc
("Helios" or the "Company")
Acquisition of Lloyd's Limited Liability Vehicle
Helios is pleased to announce that, in line with its strategy of
increasing underwriting capacity through acquisition, it has
acquired Nameco (No 346) Limited, a limited liability member of
Lloyd's ("LLV"), for a consideration of GBP3.75 million in cash.
The 2016 underwriting capacity of the LLV is GBP3.3 million (this
compares with Helios's 2016 capacity of GBP29.3 million prior to
this acquisition). The LLV participates in a spread of Lloyd's
syndicates broadly similar to Helios's own participation. The
capacity acquired together with the capacity retained by Helios is
as follows:
Year of
Account
---------------- ----- --------- -----
2014 2015 2016
---------------- ----- --------- -----
GBPm GBPm GBPm
---------------- ----- --------- -----
Retained 3.4 3.2 1.0
---------------- ----- --------- -----
Reinsured - - 2.3
---------------- ----- --------- -----
Total Capacity 3.4 3.2 3.3
---------------- ----- --------- -----
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:
Helios 020 7863 6655 / nigel.hanbury@huwplc.com
Nigel Hanbury - Chief 07754 965 917
Executive
Arthur Manners
Stockdale
Robert Finlay 020 7601 6100
About Helios
Helios 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). Helios trades within the
Lloyd's insurance market writing approximately GBP32 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
Nameco (No.346) Limited (N346) is a limited liability member of
Lloyd's. In the year ended 31 December 2015, N346 made a profit
before tax of GBP0.38m on gross premiums written of GBP3.0m and its
net asset value at completion is expected to be approximately
GBP2.2m, including underwriting capacity with an estimated market
value of GBP1.3m.
Set out below are N346's 2014 and 2015 open years of account
forecasts:
YOA N346 Forecast of syndicate profit
syndicate (30 March 2016)
capacity
(GBP'000)
------ ----------- -------------------------------------
Mid point Mid point Range
(GBP'000) (%) (%)
------ ----------- ----------- --------- -------------
2014 3,368 293 8.69% 4.94 - 12.44%
------ ----------- ----------- --------- -------------
2015 3,187 203 6.37% 1.80 - 10.93%
------ ----------- ----------- --------- -------------
Source: Syndicate data and Helios analysis (before early
release)
Set out below are details of N346's syndicate participations for
the 2013 to 2016 years of account:
YOA 2013 2014 2015 2016
Syndicate (GBP000'S) *% (GBP000'S) *% (GBP000'S) *% (GBP000'S) *%
33 211 6.75 222 6.60 222 6.97 320 9.64
218 67 2.14 67 1.99 54 1.69 85 2.56
386 41 1.31 41 1.22 35 1.10 83 2.50
510 241 7.71 241 7.16 241 7.56 376 11.33
557 25 0.80 25 0.74 25 0.78 35 1.05
609 230 7.36 230 6.83 230 7.22 344 10.37
623 244 7.80 263 7.81 245 7.69 422 12.72
727 108 3.45 108 3.21 108 3.39 123 3.71
958 93 2.97 74 2.20 78 2.45 0 0.00
1176 0 0.00 0 0.00 0 0.00 25 0.75
1200 140 4.48 140 4.16 140 4.39 170 5.12
1729 0 0.00 35 1.04 35 1.10 42 1.27
1910 0 0.00 0 0.00 0 0.00 92 2.77
2010 0 0.00 0 0.00 0 0.00 41 1.24
2014 0 0.00 175 5.20 233 7.31 200 6.03
2525 0 0.00 0 0.00 0 0.00 4 0.12
2791 185 5.92 163 4.84 144 4.52 245 7.38
4242 0 0 0 31 0.93
4444 0 0.00 0 0.00 0 0.00 101 3.04
5820 109 3.49 109 3.24 109 3.42 109 3.29
6103 57 1.82 41 1.22 17 0.53 19 0.57
6104 45 1.44 70 2.08 70 2.20 60 1.81
6105 23 0.74 72 2.14 72 2.26 0 0.00
6106 57 1.82 0 0.00 0 0.00 0 0.00
6107 41 1.31 41 1.22 41 1.29 41 1.24
6110 123 3.93 0 0.00 0 0.00 0 0.00
6111 150 4.80 159 4.72 157 4.93 204 6.15
6113 78 2.49 78 2.32 0 0.00 0 0.00
6117 0 0.00 153 4.55 101 3.17 138 4.16
6123 0 8 0.24
7200 101 3.23 101 3.00 97 3.04 0 0.00
7201 520 16.63 520 15.45 496 15.57 0 0.00
7202 183 5.85 183 5.44 174 5.46 0 0.00
7203 29 0.93 29 0.86 28 0.88 0 0.00
7217 26 0.83 26 0.77 30 0.94 0 0.00
7227 0 0.00 0 0.00 4 0.13 0 0.00
3,127 100.00 3,366 100.00 3,186 100.00 3,318 100.00
* 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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