Helios acquires underwriting rival for £1.1m

22nd Jan 2016 09:02

(ShareCast News) - Helios Underwriting said it was buying Devon Underwriting, a limited liability member of Lloyd's for £1.1m in cash.Helios said the deal was in line with its strategy of increasing underwriting capacity through acquisition.The 2016 underwriting capacity of Devon is £1.2m, compared with with Helios' 2016 capacity of £28.1m prior to the acquisition.Helios said it would provide around £0.7m in Lloyd's. Devon participates in a spread of Lloyd's syndicates broadly similar to Helios, it added.