Helios Underwriting has acquired another limited liability member of Lloyd's (LLV) as it amps up its underwriting capacity.
Helios has bought Nameco (No 507) for £900,000. Yesterday, February 16, Helios acquired Updown Underwriting, a LLV, for £600,000 in cash and just over 400,000 shares in the company.
The 2015 underwriting capacity of Nameco is £1.7 million; this compares with Helios’ 2015 capacity of £21.4 million prior to this acquisition. There is an obligation that funds at Lloyd's will be provided by Helios in an amount of approximately £500,000.
Nigel Hanbury, the company's chief executive officer, said: "We are delighted to have agreed a further LLV acquisition which will further increase our underwriting capacity. This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. We continue to believe that there remain significant opportunities for further growth available to the company."