Business
Acquisition of Nomina No 505 LLP
Acquisition of Nomina No 505 LLP.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n \nRNS Number : 9834B Helios Underwriting Plc 26 September 2018 \n\nHelios Underwriting plc\n(\"Helios\" or the \"Company\")\nAcquisition of Nomina No 505 LLP\nHelios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, it has acquired Nomina No 505 LLP (\"505\"), a limited liability member of Lloyd's of London (\"Lloyd's\") for a consideration of £318,359 in cash (the \"Acquisition\").\nInformation in respect of 505\nThe 2018 underwriting capacity of 505 is £922,937 (this compares with Helios's 2018 capacity of £41.5m prior to this acquisition). 505 participates in a spread of Lloyd's syndicates that broadly matches the existing portfolio of Helios and this transaction enables Helios to continue to build its participations on the better syndicates at Lloyd's.\nThe consideration represents a discount of 9% to the independent valuation of £350,695 placed on 505 by Humphrey's. \nThe capacity acquired, together with the capacity Helios expects to retain, is as follows:\n\n\n\n\n505\n\n\nYear of Account\n\n\n\n\n \n\n\n2016\n\n\n2017\n\n\n2018\n\n\n\n\n \n\n\n£m\n\n\n£m\n\n\n£m\n\n\n\n\nRetained\n\n\n0.8\n\n\n0.9\n\n\n0.27\n\n\n\n\nReinsured\n\n\n-\n\n\n-\n\n\n0.63\n\n\n\n\nTotal Capacity\n\n\n0.8\n\n\n0.9\n\n\n0.9\n\n\n\n\n \nHelios will reinsure 70% of 2018 underwriting year in line with its stated policy of reducing 'on-risk' exposures.\nIn addition to the 505 transaction, Helios is continuing to pursue a number of further Lloyd's LLV acquisitions in line with its strategy.\n \nFor further information, please contact:\nHelios Underwriting plc\nNigel Hanbury - Chief Executive 020 7863 6655 / [email protected]\nArthur Manners - Chief Financial Officer 07754 965 917\nStockdale Securities Limited\nRobert Finlay 020 7601 6100\nDavid Coaten\n \nAbout Helios\nHelios p...