23 December 2014 Insurance

Helios acquires Nameco and boosts capacity

Helios Underwriting (HUW) has made a further acquisition in its continuing strategy to increase capital via acquisitions.

HUW has agreed to acquire Nameco (No 311), a limited liability member of Lloyd's (LLV) for £1 million in cash.

The 2014 underwriting capacity of the LLV is £1 million; this compares with HUW's 2014 capacity of £22.8 million prior to this acquisition.

Commenting upon the acquisition, 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."

Completion is subject to change of control consent from Lloyd's. The LLV participates in a spread of Lloyd's syndicates broadly similar to HUW's own participation.

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