Helios to buy Lloyd's Nameco for £2m; raises £1.15m through placing of shares
Lloyd's private capacity provider Helios Underwriting has entered into an agreement to acquire the entire issued share capital of Nameco 1113, a limited liability member of Lloyd’s, from its owner Nigel Hanbury for just over £2 million.
Helios said the move is a part of its strategy to build a fund of Lloyd's underwriting capacity through fundraising, and the acquisition and consolidation of Lloyd's Nameco.
Additionally, the company has conditionally raised approximately £1.15 million by placing 895,313 new ordinary shares at a price of £1.28 per share. It also intends to raise up to a further £1.9 million by way of an open offer to existing shareholders on the basis of 1 open offer share for every 10 existing ordinary shares.
Helios will use the net proceeds to strengthen its balance sheet and provide funds to acquire further limited liability vehicles that participate in syndicates at Lloyd's when attractive opportunities arise.
Furthermore, in order to continue its growth strategy, the company plans to reorganise HIPCC, which provides a number of reinsurance services to the group, including certain quota share reinsurance products.
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