Helios Underwriting Plc Acquisition of further Limited Liability Vehicles (2759U)

TIDMHUW

RNS Number : 2759U

Helios Underwriting Plc

02 December 2021

2(nd) December 2021

Helios Underwriting plc

("Helios" or the "Company")

Acquisition of further Limited Liability Vehicles (LLVs)

Further to its announcement of 10th November, Helios, the unique investment vehicle that acquires and consolidates underwriting capacity at Lloyd's, is pleased to announce the completion of a further 3 LLV acquisitions. These vehicles have been acquired for cash consideration of approximately GBP4.0m, acquiring syndicate capacity of approximately GBP4.4m. The details are as follows:

 
 Name                        Consideration    Humphrey    Discount 
                                              Valuation 
                               GBP'000's     GBP'000's        % 
 Chanterelle Underwriting 
  Limited                        3,230         3,365         4% 
 Nomina No 110 LLP                560           586          4% 
 Nomina No 472 LLP                190           200          5% 
                            --------------  -----------  ---------- 
                                 3,980         4,151         4% 
                            ==============  ===========  ========== 
 
 Name                        2021 Capacity    Capacity    Turnover     Profit 
                                                Value                   before 
                                                                         tax 
                               GBP'000's     GBP'000's    GBP'000's   GBP'000's 
 Chanterelle Underwriting 
  Limited                        3,108         1,116        3,144         2 
 Nomina No 110 LLP                773           437         1,122        158 
 Nomina No 472 LLP                475           201          514          2 
                            --------------  ----------- 
                                 4,356         1,754 
                            ==============  ===========

Terms have been agreed with a further 7 LLVs 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 GBP137m 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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END

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