Helios Underwriting Plc Acquisition (9158X)

TIDMHUW

RNS Number : 9158X

Helios Underwriting Plc

10 January 2022

10(th) January 2022

Helios Underwriting plc

("Helios" or the "Company")

Acquisition of further Limited Liability Vehicles (LLVs)

Further to its announcement of 22(nd) December, 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 consideration of GBP2.4m, acquiring syndicate capacity of GBP3.6m. The details are as follows:

 
 Name                      Consideration    Humphrey    Discount 
                                            Valuation 
                             GBP'000's     GBP'000's        % 
 Clifton 2011 Limited          1,025         1,030        0.5% 
 Nomina No 348 LLP              910           964          6% 
 Gould Scottish Limited 
  Partnership                   435           458          5% 
                               2,370         2,452         3% 
                          ==============  ===========  ========== 
 
 
 
 
 
 Name                      2021 Capacity    Capacity    Turnover     Profit 
                                              Value                   before 
                                                                       tax 
                             GBP'000's     GBP'000's    GBP'000's   GBP'000's 
 Clifton 2011 Limited          1,558          551         1,527       (84) 
 Nomina No 348 LLP             1,308          574         1,321       (10) 
 Gould Scottish Limited 
  Partnership                   766           358         (16)*       (18) 
                               3,632         1,483 
                          ==============  ===========

*Net underwriting result as per statutory accounts disclosure

Terms have been agreed with one further LLV where completion is subject, inter alia, to regulatory approval. It is expected that this acquisition will be completed 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 GBP233m of capacity for the 2022 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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January 10, 2022 03:56 ET (08:56 GMT)

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