Business
Proposed acquisition of Fyshe Underwriting LLP
Proposed acquisition of Fyshe Underwriting LLP.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n \nRNS Number : 5361X Helios Underwriting Plc 13 August 2018 \n\nHelios Underwriting plc\n(\"Helios\" or the \"Company\")\nProposed acquisition of Fyshe Underwriting LLP\nHelios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, on 10th August 2018, it has conditionally agreed to acquire Fyshe Underwriting LLP (\"Fyshe\"), a limited liability member of Lloyd's of London (\"Lloyd's\") for a consideration of £68,630 in cash (the \"Acquisition\").\nCompletion of the Acquisition is conditional upon approval of the change of control by Lloyd's, which is expected shortly.\nInformation in respect of Fyshe\nThe 2018 underwriting capacity of Fyshe is £500,150 (this compares with Helios's 2018 capacity of £41.0m prior to this acquisition). Fyshe 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 38% to the independent valuation of £111,526 placed on Fyshe by Humphrey's. \nThe capacity acquired, together with the capacity Helios expects to retain, is as follows:\n\n\n\n\nFyshe\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\n0.5\n\n\n0.5\n\n\n0.15\n\n\n\n\nReinsured\n\n\n-\n\n\n-\n\n\n0.35\n\n\n\n\nTotal Capacity\n\n\n0.5\n\n\n0.5\n\n\n0.5\n\n\n\n\n \nHelios will seek to reinsure 70% of 2018 underwriting year in line with its stated policy of reducing 'on-risk' exposures.\nIn addition to the Fyshe transaction, Helios is continuing to pursue a number of further Lloyd's nameco transactions 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 &nbs...