13 December 2019Insurance

Helios Underwriting acquires Lloyd’s entity Catbang 926 for £5.6m

Insurance investor Helios Underwriting has acquired Catbang 926, a limited liability member of Lloyd's of London.

Helios will pay £5.6 million in cash for Catbang, £2 million of which will be paid on completion, with the remaining £3.6m to come within 60 days of completion.

The consideration represents a discount of about 16 percent to Catbang's independent valuation of £6.7 million.

The AIM-listed group said the 2019 underwriting capacity of Catbang was £4.1 million and noted that it participated in a spread of Lloyd's syndicates that broadly matched Helios' existing portfolio.

Helios will reinsure 70 percent of the 2020 underwriting year, in line with its policy of reducing "on-risk" exposures.

The company also said that in addition to the Catbang transaction, it was continuing to pursue a number of further Lloyd's LLV acquisitions.

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More on this story

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17 June 2019   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.
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7 October 2020   The company seeks to increase capacity from pre-emptions, make further LLV acquisitions and participate in capacity auctions.