Helios acquires another Lloyd’s LLV

Lloyd's private capacity provider Helios Underwriting has paid £1.1 million to acquire Lloyd's of London limited liability vehicle (LLV) Devon Underwriting.

Helios said the deal backs its push to expand its overall capacity through acquisitions. The 2016 underwriting capacity of Devon is £1.2 million.

The announcement comes after Helios bought Nameco (No 507) for £900,000 and Updown Underwriting, a LLV, for £600,000 in cash in February last year.

"We are delighted to have made a further LLV acquisition which further increases our underwriting capacity,” said Nigel Hanbury, Helios' chief executive.

“This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise.”