Helios Underwriting Plc Acquisition of further Limited Liability Vehicles (4153W)

TIDMHUW

RNS Number : 4153W

Helios Underwriting Plc

22 December 2021

22(nd) December 2021

Helios Underwriting plc

("Helios" or the "Company")

Acquisition of further Limited Liability Vehicles (LLVs)

Further to its announcement of 20 December 2021, 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 a total cash consideration of GBP3.9m, acquiring syndicate capacity of GBP4.1m. The details are as follows:

 
 Name                          Consideration    Humphrey    Discount 
                                                Valuation 
                                 GBP'000's     GBP'000's        % 
 Kunduz LLP                         220           234          6% 
 Exalt Underwriting Limited         550           607          9% 
 Nameco (No 1110) Limited          3,085         3,164         2% 
                                   3,855         4,005         4% 
                              ==============  ===========  ========== 
 
 
 
 
 
 Name                          2021 Capacity    Capacity    Turnover     Profit 
                                                  Value                   before 
                                                                           tax 
                                 GBP'000's     GBP'000's    GBP'000's   GBP'000's 
 Kunduz LLP                         640           251          663        (36) 
 Exalt Underwriting Limited        1,186          295         1,244       (52) 
 Nameco (No 1110) Limited          2,300         1,228        2,399        131 
                                   4,126         1,774 
                              ==============  ===========

Terms have been agreed with a further 3 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

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 GBP140m 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 .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQPPGAUPUPGPUG

(END) Dow Jones Newswires

December 22, 2021 02:00 ET (07:00 GMT)

Helios Underwriting (LSE:HUW)
Historical Stock Chart
From May 2024 to Jun 2024