Helios Underwriting in £1m Lloyd’s Nottus acquisition

Helios Underwriting said on June 9 that it agreed to acquire Lloyd's limited liability member Nottus No 51 Limited for a consideration of £964,500 in cash.

The 2017 underwriting capacity of Nottus is approximately £669,000. This compares with Helios's 2017 capacity of £35 million prior to this acquisition.

Nottus participates in a spread of Lloyd's syndicates that broadly matches the existing portfolio of Helios and the transaction enables Helios to continue to build its participations on the better syndicates at Lloyd's, according to a company statement.

Nottus is expected to have funds surplus to its current underwriting requirements of over £0.60m on completion which Helios will be able to utilise in the future.

Helios provides a limited liability direct investment into the Lloyd's insurance market. The company trades within the Lloyd's insurance market writing approximately £35 million of capacity for the 2017 account. The portfolio is concentrated in property insurance and reinsurance.

Helios has recently acquired Lloyd's limited liability members  Pooks and  Salviscoint.

Today’s stories

AIG in $600m Arch share sale

Colorado hail event costs insurers $1.4bn

Australia's IAG purchases additional A$1bn catastrophe reinsurance cover

Berkshire settles California’s 'bait and switch' insurance dispute

Lockton names new president of Houston P&C operation

US Risk hires vice president from Essent Group

Topa appoints Chang to manage reinsurance operation

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.