Helios Underwriting (HUW) has agreed to acquire a limited liability member of Lloyd’s (LLV) in line with its strategy of increasing underwriting capacity through acquisition.
Nomina No 372 will be acquired for a total consider of £0.5 million. The 2014 underwriting capacity of the LLV is £1 million; this compares with HUW's 2014 capacity of £20.3 million prior to this acquisition.
The LLV participates in a spread of Lloyd's syndicates broadly similar to HUW's own participation. It is anticipated that the LLV will be included in the company's collateralised quota share reinsurance arrangement for the 2014 year of account.
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."