Helios Underwriting has made another acquisition as it continues to increase its underwriting capacity.
Helios will acquire Updown Underwriting, a limited liability member of Lloyd’s (LLV) for £600,000 in cash and just over 400,000 shares in the company.
The 2015 underwriting capacity of Updown is £900,000 and the LLV participates in a spread of Lloyd’s syndicates broadly similar to Helios’ own participation.
Helio’s 2015 capacity is £21.4 million, prior to this acquisition.
Nigel Hanbury, chief executive officer of Helios, 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."