Business
Reinsurance Renewal and Acquisitions
Reinsurance Renewal and Acquisitions.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n \nRNS Number : 4747Q Hampden Underwriting Plc 15 October 2013 \n \n\n15 October 2013\n \nHampden Underwriting plc\n(\"Hampden Underwriting\" or the \"Company\")\n \nRenewal of XL Reinsurance Arrangement\nand Acquisition of Lloyd's Limited Liability Vehicles\n \nAnnual Renewal of Reinsurance Arrangement\nHampden Underwriting plc (AIM:HUW) announces that, as expected, the annually renewable collateralised quota share reinsurance agreement commencing for the 2013 year of account and which was announced on 26 July 2013 has been formally renewed for the 2014 year of account.\n \nAcquisition of Lloyd's Limited Liability Vehicles\nHampden Underwriting also announces that, in line with its strategy of increasing underwriting capacity through acquisition, it has acquired two further limited liability members of Lloyd's (\"LLVs\") for a total consideration of £0.7 million in cash. The 2013 underwriting capacity of the LLVs acquired (Nomina No 035 LLP and Nomina No 342 LLP) is £1.7 million in total; this compares with Hampden Underwriting's 2013 capacity of £12.8 million. The Company will contribute a further £0.6 million to its funds at Lloyd's to support its enlarged underwriting activities. The LLVs acquired participate in a spread of Lloyd's syndicates similar to Hampden Underwriting's own participation. It is anticipated that these two LLVs will be included in the above reinsurance arrangement for the 2014 year of account.\n \nCommenting, Nigel Hanbury, the Company's Chief Executive Officer, said:\n\"We are pleased to have made these acquisitions which further increase our underwriting capacity. This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. The quota share reinsurance arrangement is an important part of our broader funding strategy going forward, enhancing our ability to actively grow our underwriting capacity and pursue further acquisitions. It is therefore pleasing that this important first renewal has been effected.\"\n \n \n \n\n\n\n\nFor further information please contact:\n \n\n\n\n\nHampden Underwriting\n \n\n\nNigel Hanbury\n\n\[email protected]\n\n\n\n\nSmith & Williamson Corporate Finance\n \n\n\nDavid Jones\n\n\n020 7131 4000\n\n\n\n\n \nAdd...