Helios Underwriting adds £1m capacity through acquisition

Lloyd's private capacity provider Helios Underwriting has acquired Salviscount, a limited liability member, for £800,000 in cash.

The deal backs Helios’s continued strategy to expand underwriting capacity through acquisitions.

The 2016 underwriting capacity of Salviscount is estimated to be £1 million.

Nigel Hanbury, chief executive officer of Helios, said: "We are delighted to have made a further acquisition which further increases 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."

Helios also announced that the capacity for 2017 underwriting year has been agreed at £32.6 million including the capacity to be acquired with Salviscount.

“We have continued our policy of focusing on the quality syndicates and capacity on weaker syndicates owned by LLV's acquired during the year was sold in the recent capacity auctions,” said Helios in a statement.