Helios Underwriting Plc Acquisition of further Limited Liability Vehicles (4287O)

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RNS Number : 4287O

Helios Underwriting Plc

08 October 2021

8(th) October 2021

Helios Underwriting plc

("Helios" or the "Company")

Acquisition of further Limited Liability Vehicles (LLVs)

Further to its announcement of 4 October, Helios, the unique investment vehicle that acquires and consolidates underwriting capacity at Lloyd's, is pleased to announce the completion of a further three LLV acquisitions. These LLVs have been acquired for an aggregate cash consideration of GBP2.6m, acquiring syndicate capacity of GBP4.0m. The details are as follows:

 
                                             Humphrey 
 Name                       Consideration    Valuation   Discount 
                              GBP'000's     GBP'000's        % 
 Nameco (No.389) Limited        1,830         2,004        8.7% 
 Nomina No 469 LLP               223           233         4.3% 
 Nomina No 536 LLP               543           604         10.1% 
                                2,596         2,841        8.6% 
                           ==============  ===========  ========== 
 
 
 
                                                                      Profits 
                                             Capacity                  before 
 Name                       2021 Capacity      Value     Turnover       tax 
                              GBP'000's     GBP'000's    GBP'000's   GBP'000's 
 Nameco (No.389) Limited        2,006          830         1,885       (79) 
 Nomina No 469 LLP               494           246          659         49 
 Nomina No 536 LLP              1,512          651         1,516       (25) 
                           --------------  ----------- 
                                4,012         1,727 
                           ==============  ===========

Terms have been agreed with a further 13 LLV's where completion is subject, inter alia, to regulatory approval. It is expected that these acquisitions will be completed shortly, and further announcements will be made in due course.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.

For further information, please contact:

Helios Underwriting plc

   Nigel Hanbury - Chief Executive                                     +44 (0)7787 530 404 / nigel.hanbury@huwplc.com 
   Arthur Manners - Chief Financial Officer                      +44 (0)7754 965 917

Shore Capital (Nomad and Broker)

Robert Finlay +44 (0)20 7601 6100

David Coaten

Willis Re Securities (Financial Adviser)

   Alastair Rodger                                                                 +44 (0)20 3124 6033

Buchanan (PR)

   Helen Tarbet / Henry Wilson / George Beale              +44 (0)7872 604 453

+44 (0)20 7466 5111

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 GBP110m of capacity for the 2021 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com .

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October 08, 2021 02:00 ET (06:00 GMT)

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