Helios Underwriting acquires limited liability member of Lloyd's of London

26th Sep 2018 11:13

(Sharecast News) - Helios Underwriting has acquired Nomina No 505, a limited liability member of Lloyd's of London, for a total cash consideration of £318,359.The AIM-listed underwriter told investors on Wednesday that its acquisition of 505, and its 2018 underwriting capacity of £922,937, was in line with its strategy of increasing underwriting capacity through acquisitions.Helios' 2018 capacity was now in excess of £42m.505 participates in a spread of Lloyd's syndicates, broadly matching the existing portfolio of Helios and enabling it to continue to build its participation on the better syndicates at Lloyd's.Helios also noted that the £318,359 consideration represented a discount of 9% to an independent valuation of £350,695 placed on 505.As of 1110 BST, Helios shares had dipped 4.47% to 122.75p.