Helios Underwriting makes Lloyd's acquisition
Helios Underwriting, the company formerly known as Hampden Underwriting which now provides limited liability direct investments into Lloyd’s syndicates, has acquired Bernul, a limited liability member of Lloyd's, for £800,000 in cash.
Helios said the acquisition is in line with its strategy of increasing underwriting capacity through acquisition. Bernul participates in a spread of Lloyd's syndicates broadly similar to Helios’s own participation.
The 2014 underwriting capacity of Bernul is also £800,000. Helios Underwriting’s 2014 capacity was £19.5 million prior to this acquisition. The assets of Bernul include associated funds at Lloyd's to support its underwriting activities of £400,000.
It is anticipated that acquired vehicle will be included in Helios’s collateralised quota share reinsurance arrangement for the 2014 year of account.
“We are delighted to have made a further LLV acquisition which further increases our underwriting capacity,” said Nigel Hanbury, the chief executive of Helios. “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.”
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